Incannex Completes Loyalty Option Program to Raise A$23.6M; Current Cash at Bank is Approximately A$40.0M
On April 28, 2022, Incannex Healthcare Limited (Nasdaq: IXHL) announced the completion of its loyalty option offer, successfully raising A$23.6M. The options expired on April 22, allowing for the issuance of 67.3M new shares; for every two new shares, one piggy-back option will be granted with an exercise price of A$1.00. The additional funding will support clinical research and development activities ramping up in 2022 and 2023. Incannex's directors allocated their shares of approximately A$4.1M to a strategic investor group to enhance liquidity on NASDAQ.
- Successfully raised A$23.6M through the loyalty option program.
- Allocation of A$4.1M from directors to a strategic investor enhances liquidity.
- Funding will primarily support clinical research and development.
- None.
MELBOURNE, Australia, April 28, 2022 /PRNewswire/ -- Incannex Healthcare Limited (Nasdaq: IXHL) (ASX: IHL), ('Incannex' or the 'Company') a clinical-stage pharmaceutical company developing unique medicinal cannabinoid pharmaceutical products and psychedelic medicine therapies for unmet medical needs, today announced that it has finalised its loyalty option offer to shareholders to raise A
Loyalty options expired on April 22, 2022 and a total of 67.3M new shares are to be issued shortly as a result of the entitlement program. For every two (2) new shares that will be issued, one (1) piggy-back option will be granted to participants.
Piggy-back options will be issued shortly and have an exercise price of A
The Directors of Incannex collectively hold 175.9M shares in the Company and permitted their entitlement of approximately 11.7M shares, representing A
The additional capital will primarily be allocated to clinical research and development activities that are significantly ramping up in 2022 and 2023.
This announcement has been approved for release to ASX by the Incannex board of directors.
About Incannex Healthcare Limited
Incannex is a clinical stage pharmaceutical development company that is developing unique medicinal cannabinoid pharmaceutical products and psychedelic medicine therapies for the treatment of anxiety disorders, obstructive sleep apnoea (OSA), traumatic brain injury (TBI)/concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis and inflammatory bowel disease. U.S. FDA approval and registration, subject to ongoing clinical success, is being pursued for each drug and therapy under development. Each indication represents major global markets and currently have no, or limited, existing registered pharmacotherapy (drug) treatments available to the public. IHL has a strong patent filing strategy in place as it develops its products and therapies in conjunction with its medical and scientific advisory board and partners.
Website: www.incannex.com.au
Investors: investors@incannex.com.au
Forward-looking statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations and estimates, as well as the beliefs and assumptions of management. The forward-looking statements included in this press release represent Incannex's views as of the date of this press release. Incannex anticipates that subsequent events and developments may cause its views to change. Incannex undertakes no intention or obligation to update or revise any forward-looking statements, whether as of a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Incannex's views as of any date after the date of this press release.
Contact Information
Incannex Healthcare Limited
Mr Joel Latham
Managing Director and Chief Executive Officer
+61 409 840 786
joel@incannex.com.au
US IR Contact
Rx Communications Group
Michael Miller
+1-917-633-6086
mmiller@rxir.com
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SOURCE Incannex Healthcare Limited
FAQ
What is the purpose of Incannex's loyalty options offered in April 2022?
How many new shares did Incannex issue from the loyalty options?
What is the exercise price for the piggy-back options issued by Incannex?
When do the piggy-back options expire?
What will Incannex primarily use the raised capital for?
