Incannex Healthcare Inc. Announces Pricing of $10 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

Core Viewpoint - Incannex Healthcare Inc. has entered into a securities purchase agreement to issue 2,000,000 shares of common stock and accompanying warrants, aiming to raise approximately $10 million, with potential total gross proceeds of up to $23 million if warrants are fully exercised [1][2][3] Financing Details - The financing is expected to close on or about March 13, 2026, subject to customary closing conditions [1] - Each common warrant is exercisable for one share at an exercise price of $6.50, expiring on March 13, 2031 [3] - The gross cash proceeds from the offering are anticipated to be approximately $10 million before deducting fees and expenses [3] Use of Proceeds - Proceeds from the offering are projected to be sufficient to complete the DReAMzz Phase 2 study for IHL-42X, with current cash reserved for Phase 3 development expected to begin in the second half of 2027 [2] - The net proceeds will be allocated for working capital, including research and development expenses, clinical trial expenses, and general corporate purposes [3] Company Overview - Incannex is focused on developing combination medicines targeting chronic conditions such as obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder [7] - The lead clinical program, IHL-42X, is designed to treat obstructive sleep apnea through a combination of dronabinol and acetazolamide [7] - Other clinical candidates include IHL-675A for rheumatoid arthritis and PSX-001 for generalized anxiety disorder, both of which are in various stages of clinical development [7]