The Incannex Healthcare Ltd (ASX: IHL) share price won't be going anywhere today.
Shares in the emerging pharmaceutical company were placed in a trading halt before markets opened.
Here's why.
Incannex shares halted on patent update and ethics approval
Having last traded at 27.5 cents, Incannex requested its shares be placed in a trading halt before the market open.
Incannex cited a material patent update and ethics approval for its research studies. The company did not specify which research trial or which patent was in line to receive ethics clearance.
Incannex noted that its shares will remain in a trading halt until either the commencement of normal trading on 22nd July 2021 or the earlier release of an announcement.
More on Incannex
Incannex is a clinical-stage pharmaceutical development company that develops medicinal cannabis pharmaceutical products and psychedelic medicine therapies.
The company's therapies are designed for various medical issues, including anxiety disorders, sleep apnoea, lung inflammation and rheumatoid arthritis.
Incannex has a pipeline of patents including IHL-216A which targets traumatic brain injury and IHL-42X for sleep apnoea.
The Incannex share price has had a stellar 2021, with shares in the company up more than 80% since the start of the year. On a 52-week basis, the Incannex share price has risen nearly 300%.
Apart from today's announcement, the last piece of price-sensitive news from Incannex was late last week.
The company announced that it engaged Procaps to develop and manufacture its IHL-675A soft gel capsules in preparation for clinical trials.
According to Incannex, its IHL-675A formulation is a multi-use drug that has anti-inflammatory properties. The company also informed investors that it has advanced plans for a phase1 clinical trial to assess IHL-675A soft gel capsules.
Incannex noted that subject to clinical success, the results of the phase 1 clinical trial will form part of 3 US Food and Drug Administration (FDA) applications.
