Incannex Healthcare Inc. Announces Pricing of $12.5 Million Private Placement Priced at the Market Under Nasdaq Rules

Core Viewpoint - Incannex Healthcare Inc. has announced a private placement to raise approximately $12.5 million to support its clinical programs, particularly the IHL-42X Phase 2/3 study for obstructive sleep apnea [2][4]. Group 1: Offering Details - Incannex has entered into agreements for the purchase and sale of 11,574,090 shares at a price of $1.08 per share, along with Series A Warrants to purchase an equal number of shares at an initial exercise price of $2.16 per share [2][4]. - The Series A Warrants will be exercisable following stockholder approval and will expire 2.5 years after issuance [3][4]. - The transaction is expected to close around March 10, 2025, pending customary closing conditions [5]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to fund ongoing clinical trials, including the completion and topline readout of the U.S. Phase 2 study of IHL-42X, and its expansion into Phase 3 [4]. - Additional uses of the proceeds include repayment of outstanding convertible debentures, working capital, and general corporate purposes [4]. Group 3: Company Overview - Incannex is focused on developing combination medicines targeting chronic conditions such as obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder [8]. - The company's lead clinical programs include IHL-42X, an oral fixed-dose combination designed for obstructive sleep apnea, and other innovative treatments for inflammatory conditions and anxiety disorders [8].