Dr Sud Argawal has resigned as a non-executive director of Incannex Healthcare and will be replaced on the board by APIRx Pharmaceuticals founding managing director Dr George Anastassov once Incannex has completed its acquisition of the US-based biotech.
Incannex said Dr Argawal’s key contribution was his strategic vision in originating its proprietary cannabinoid combination drugs IHL-42X, IHL-216A and IHL-675A.
It added: “All pre-clinical and clinical studies undertaken to assess the combination compounds have been positive and the company’s understanding of their medical and commercial potential has advanced significantly during Dr Argawal’s tenure.”
In setting out the rationale for the changes, Incannex said the company’s core strategic imperative to develop a diversified base of high-quality proprietary assets has been “firmly established”.
It added: “The key imperative now is the development of the company’s proprietary drug candidates over which proof of concept has been established.”
Incannex said Dr Argawal’s resignation also alleviates potential conflict of interest issues related to work undertaken by his medicinal cannabis advisory firm, Cannvalate.
APIRx co-founder Lekhram Changoer will also join Incannex as chief technology officer after the acquisition is complete. Both he and Dr Anastassov will continue to drive the development of APIRx projects while being key members of the medical and scientific advisory team, assisting with the development of the combination compounds.
Recruitment of several full-time staff members with medical development and pharmaceutical commercialisation experience is underway, with candidates sought from the US.
Dr Argawal said: “It is with some sadness that I move on from Incannex and I wish the company success in its future development plans.”
Incannex managing director and CEO Joel Latham thanked Dr Argawal for his efforts and wished him well in the future.
