Incannex Healthcare has identified six high priority drug candidates for development – including a CBD over the counter product – after completing the acquisition of US biotech firm APIRx Pharmaceuticals.
The all-scrip deal will see APIRx shareholders issued with more than 200 million Incannex shares at $0.0573 cents per share.
APIRx’s 22 clinical and pre-clinical research and development projects will now transfer to Incannex. The ASX-listed firm said the addressable markets for the projects totals US$400 billion.
Attention will focus on six drugs, including CanChew, a patented high bioavailability CBD chewing gum for the over the counter market, MedChew Dronabinol for chemotherapy induced nausea and vomiting and MedChew Rx for pain and spasticity in patients with multiple sclerosis.
The other projects identified by Incannex as priority areas are CanQuit which combines nicotine and cannabinoids for smoking cessation, CanQuitO, featuring cannabinoids and opioid antagonists for opioid addiction and CheWell, a high bioavailability chewable tablet for use in adolescent drug addiction studies.
“After extensive due diligence and corporate strategy assessment of the APIRx assets, we are excited and readied to commence development activities over our newly acquired portfolio of drug candidates,” Incannex chief executive and managing director Joel Latham said.
Meanwhile, APIRx founders Dr George Anastassov and Lekhram Changoer have joined Incannex as non-executive director and chief technology director respectively.
Latham said the acquisition followed a relationship with both directors dating to 2018 “when Incannex transitioned its business towards the development of pharmaceutical cannabinoids”.