Shares in medicinal cannabis company Incannex Healthcare Ltd (ASX: IHL) are edging lower and now trade at 57.5 cents.
The Incannex Healthcare share price opened at 60 cents before reversing within minutes to bounce off a low of 56.5 cents.
Despite this, Incannex shares have outperformed this past month, having piled on another 60% in that time.
That's well ahead of the S&P/ASX 200 Health Care Index (ASX: XHJ), which has jumped 3.4% in a month, whereas the benchmark S&P/ASX 200 Index (ASX: XJO) is up 1.48%.
Here are the details.
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What's up with the Incannex Healthcare share price lately?
Incannex's share price hit its 52-week high in early trade today as investors continue piling into the company.
A raft of company and regulatory catalysts have propped up the Incannex share price over the past few weeks.
For instance, the company recently advised an ethics committee had approved its Phase 2a clinical trial investigating the efficacy of psilocybin for any primary anxiety disorder.
The trial is the first in the world to examine the safety and efficacy of this compound. Psilocybin is the psychoactive component of 'magic mushrooms'.
Psychedelic medicine has been gaining traction in psychotherapy and psychiatry circles lately. This has brought about a number of clinical breakthroughs to complex mental conditions.
An ethics committee approving the trial is "an exciting step for Incannex… and for the emerging field of psychedelic medicine," according to the doctor leading the study.
The company also released its quarterly report to finish October, where it outlined several investment highlights.
One key takeout was the company successfully raising $17.66 million from an option exercise program. This includes $8.2 million from its chief medical officer, Dr Sud Agarwal.
What else is playing a part?
In addition, Incannex recently engaged drug manufacturing company Procaps S.A. to develop soft gel capsules for its proprietary IHL-42X label.
Specifically, IHL-42X is indicated in the treatment of obstructive sleep apnoea (OSA).
OSA is a prevalent condition that has implications for mental, cardiovascular and physical health. Incannex is seeking to find a remedial breakthrough in this condition as well.
According to the company, Procaps has assisted in developing over 500 pharmaceutical and nutritional products in over 50 global markets.
It will now manufacture the capsules for Incannex's IHL-42X cannabinoid product for use in pivotal Phase 2 and 3 trials.
Aside from this, Incannex also confirmed the recent success of its IHL-65A label in reducing inflammatory conditions such as rheumatoid arthritis.
The company showed data that its compound was up to 3.5x more effective at reducing symptoms associated with rheumatoid arthritis than conventional treatments.
Separately, the company also filed for F-1 registration to list its shares on the United States NASDAQ exchange earlier this year.
An F-1 is basically the same as an initial public offering (IPO) on the ASX. However, it is reserved for non-US companies who wish to list on an American exchange.
Incannex is proposing a public offering of American Depositary Shares (ADS) with each ADS representing 50 ordinary shares in the company.
Incannex Healthcare share price snapshot
The Incannex Healthcare share price has been one to watch these past 12 months. Incannex shares have rallied as much as 524% in that time.
This has come after it has gained another 274% this year to date. That's well ahead of the broad indices and the benchmark's returns, 11% and 13% respectively.
