Shares of Incannex Healthcare Inc. (IXHL) are falling about 35 percent on Thursday morning trading following the announcement of an enhanced clinical development strategy for IHL-42X, its lead oral drug candidate for the treatment of obstructive sleep apnea, and a securities purchase agreement with healthcare-dedicated institutional investors for the issuance and sale of 2 million shares and accompanying warrants.
The company's stock is currently trading at $3.8950, down 35.33 percent, over the previous close of $5.97 on the Nasdaq. It has traded between $2.4 and $49.8 in the past one year.
The updated development strategy aims to optimize efficacy, strengthen the clinical data package, and potentially accelerate the pathway toward registration while maintaining strong capital efficiency.
Meanwhile, the company intends to use proceeds from the offering to complete the DReAMzz Phase 2 study for IHL-42X and other corporate-related purposes.
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