IHL share price climbs before debuting on S&P/ASX 300 index
Health & Biotech
Health & Biotech
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Incannex Healthcare has been promoted to the big league.
Clinical stage pharmaceutical cannabinoid and psychedelics company Incannex Healthcare (ASX:IHL) has achieved a milestone with its inclusion in the S&P/ASX300 index.
Inclusion will be effective prior to the open of the ASX on September 19 and follows the index’s second semi-annual rebalance for 2022.
The S&P/ASX 300 measures performance of 300 of the largest, highly liquid securities listed on the ASX by float-adjusted market cap, including large, mid, and small cap components of the S&P/ASX index family
The S&P/ASX 300 is designed to provide investors with broad exposure to the Australian equity market.
The index is liquid and float-adjusted, and it measures up to 300 of Australia’s largest securities by float-adjusted market capitalisation.
It’s important because some investment funds work to emulate the return of various indexes based on the investment mandate of the fund.
It’s been a transformative year for IHL, which undertook a landmark acquisition of leading cannabinoid biotech company APIRx Pharmaceuticals (APIRx), to further strengthens its global position in the cannabinoid and psychedelic sectors.
The company recently appointed former Pfizer and now Novo Nordisk A/S vice president, US regulatory affairs Robert B. Clark to its board as a non-executive director.
In February IHL went to Wall Street with a dual Nasdaq listing to attract keen medical cannabis investors as it pursued North American growth.
These corporate developments have taken place while Incannex has been advancing studies and trials into numerous conditions including obstructive sleep apnoea rheumatoid arthritis, traumatic brain injury and generalised anxiety disorder.
In June of this year, Incannex reported that its phase 2 clinical trial to assess IHL-42X in patients with sleep apnoea was a success and it is now working on opening an IND with the FDA to continue studies relevant to FDA approval.
Incannex’s phase 2 clinical trial to investigate psychedelic compound psilocybin in patients with generalised anxiety disorder is ongoing with an initial readout of results due before the end of the calander year.
IHL CEO and managing director Joel Latham said it was a milestone for the company to be included onto the S&P/ASX300.
“We’re delighted to be recognised for inclusion in the S&P/ASX 300 index to be listed among the largest and most-recognisable companies in Australia,” Latham said.
“Being listed in the index is a precursory investment condition for many domestic and international investment institutions so we are excited for the possibilities this recognition may bring.”
This article was developed in collaboration with Incannex, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.