The Incannex Healthcare Ltd (ASX: IHL) share price, which has shot up 310% in the past 12 months, has remained relatively flat in today's trade.
We take a look at the ASX healthcare share's latest announcement on its accelerated drug study, along with its share price performance over the past year.
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What did Incannex Healthcare report?
Incannex Healthcare shares are flat today after the company reported it has partnered with Monash Trauma Group to study the effectiveness of its proprietary drug on treating concussions.
The in vivo study, to be conducted on rats, will assess the "neuroprotective capability of IHL-216A". IHL-216A combines cannabidiol (CBD) and isoflurane (or any other volatile anaesthetic agent).
Incannex designed its proprietary drug, intended to be given shortly after head injuries, to reduce secondary brain injuries.
Few athletes are as at risk of head injuries as grid iron players. And it's the United States National Foot Ball League (NFL) that worked together with Incannex to create the model for traumatic brain injuries that will be used in the new study.
Commenting on the partnership study, Incannex Healthcare CEO Joel Latham said:
Undertaking this extensive and well-recognised animal model study, instead of the in-human proof of concept study, has the effect of reducing the overall development time and expense associated with our drug registration plan. Furthermore, the company will collect additional data from an animal study that it would not be able to compile in human studies. This additional data will inform the design and end points of our pivotal clinical trials.
The company previously reported positive results from its initial in vivo study on 15 December 2020. At that time the ASX healthcare company reported its IHL-216A drug combination was 35% more effective than CBD alone and 123% more effective than isoflurane administered alone in reducing the "Iba1 neuroinflammation marker".
Between 15 December and 16 February, the Incannex share price soared 53% to a 1 year high.
Incannex Healthcare share price snapshot
Incannex Healthcare shares delivered very strong gains over the past 12 months, up 310% at the time of writing. The share price hit a 1 year high on 16 February of 26 cents per share and has since retraced to the current level of 21 cents per share.
Year-to-date the Incannex Healthcare share price is up 36%. By comparison, the All Ordinaries Index (ASX: XAO) is flat so far in 2021.
