Incannex (ASX:IHL) share price up on patent application announcement

Shares in the medicinal cannabis pharmaceutical company were released from a trading halt today.

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The Incannex Healthcare Ltd (ASX: IHL) share price stormed 5.45% higher to 29.5 cents after resuming trade this morning.

In early afternoon, the share price has retreated to 28 cents, up 1.82% on its previous closing price.

Shares in the medicinal cannabinoid pharmaceutical company were placed in a trading halt earlier this week.

The shares began trading again this morning after a positive company announcement.

Let's take a look at the details.

Patent application for sleep apnoea treatment

Incannex announced that it has filed an International Patent Application for its IHL-42X development program.

The patent application refers to its IHL-42X formulation in the treatment of obstructive sleep apnoea.

The application includes key markets such as the US, European Union, Japan and Australia.

The company included interim data from its phase 2b clinical trial in the application.

Incannex receives ethics approval for studies

Incannex also announced that it has received ethics approval for its IHL-42X open label extension study.

The study will allow the company to recruit people who have experienced a benefit from IHL-42X in the phase 2b trial.

 CEO and Managing Director of Incannex Healthcare, Joel Latham noted:

"We are delighted to have received ethics approval to proceed with our open label extension study. Patients who have finished their dosing regimens in the phase 2b trial are now eligible to use IHL-42X every day for an extended period and the data we gather from this program will be invaluable to our ongoing FDA development plan".

More on the Incannex share price

Incannex is a clinical-stage pharmaceutical development company that develops medicinal cannabis pharmaceutical products and psychedelic medicine therapies.

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 soared by more than 83% since the start of the year. On a 52-week basis, the Incannex share price has risen by almost 300%.

Incannex has a market capitalisation of just over $293 million.

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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