Incannex Healthcare - Expanding base with A$13m private placement
Incannex Healthcare has announced a fund-raise of A$13m (US$8.7m) in gross proceeds through a private placement to a healthcare-focused group of institutional investors. It will issue 63.4m new shares of common stock at A$0.205/share (a c 10.9% discount to the 2 December closing price). Proceeds of the raise will primarily be used to develop Incannex’s clinical pipeline (including assets acquired as part of APIRx acquisition). After the private placement, Incannex is expected to have a pro-forma cash position of around A$45m (US$30.6m) that, according to management, should be adequate to fund its operations into CY25. As a result of rolling our model forward, including newly issued shares and updating the cash position, we value Incannex at US$736.6m or US$11.7 per ADR.
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