Incannex Healthcare books record CBD sales in Q3
Health & Biotech
Health & Biotech
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Special Report: Incannex Healthcare (ASX:IHL) has reported its best quarter to date from the sales of cannabinoid products, banking $695,000 in cash receipts for the three months to September 30.
The clinical stage cannabinoid pharmaceutical company previously reported record sales in the third quarter, but that included cash inflows from a dental devices business that was sold on June 30.
“The September 2020 quarter is the first quarter in which cannabinoid products were the sole contributor to our revenues,” chief executive and managing director Joel Latham said.
“Therefore, I am delighted to report that our most significant quarter of cash sales has come immediately after Incannex finalised its transition into a pure play pharmaceutical development company.”
Incannex has also received a batch of 5,500 medicinal cannabis oils, removing limitations on assisting patients seeking relief for epilepsy, inflammatory bowel disease, migraine, insomnia, opioid reduction, arthritis and other conditions.
The company has also received a batch of hydroxychloroquine compound – the equivalent to 5,000 doses – that will advance its research program into IHL-675A, a combination of hydroxychloroquine and cannabinoid to treat sepsis-associated acute respiratory distress syndrome.
As previously reported, IHL-675A worked well inhibiting the production of inflammatory biomarkers in human cells in a test tube study.
Incannex is hopeful that the drug combo can be used to fight ARDS, a leading cause of death from COVID-19, although it is also caused by other illnesses.
“Incannex’s offering to shareholders is unique in that we have short and long-term pharmaceutical development goals,” Latham says.
“Our short-term goal is the provision of cGMP medicinal cannabis oils to our patients under the Australian SAS [Special Access Scheme]
“Our long-term goal is represented by our multifaceted pharmaceutical research program being undertaken to pursue patents, and FDA registration, in up to four therapeutic products. Three of those research programs have commenced studies and we expect more study results to be received and shared with our investors imminently.”
Incannex is researching how well cannabinoid products work in combination with other drugs to treat obstructive sleep apnoea, traumatic brain injury and temporomandibular joint dysfunction.
This article was developed in collaboration with Incannex Healthcare, 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.