Incannex Healthcare - Positive Phase I data for IHL-675A
Incannex has announced encouraging safety data from the Australian Phase I trial for its anti-inflammatory drug IHL-675A, having successfully completed patient dosing. The study found that IHL-675A cannabinoid combination therapy (cannabidiol (CBD) and hydroxychloroquine (HCQ)) was well tolerated in healthy volunteers with no serious adverse events reported. Following these positive results, Incannex will continue to progress the development of IHL-675A and is now gearing towards the initiation of a Phase II study, initially focusing on rheumatoid arthritis patients. HCQ (Plaquenil) has already received FDA approval for the treatment of rheumatoid arthritis as a monotherapy, so we view management’s decision to prioritise development in this indication as a sensible clinical strategy. Additionally, global sales of rheumatoid arthritis drugs reached c US$30bn (source: EvaluatePharma) in 2021, highlighting the potential opportunity in this target market. We value Incannex at US$714.7m or US$11.74 per ADR.
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