Incannex enters a lease for first psychedelic-assisted psychotherapy clinic
May 05 2023 - 7:30AM
Incannex Healthcare Ltd (Nasdaq: IXHL) (ASX: IHL) (‘Incannex’ or
‘the Company’), a medicinal cannabinoid and psychedelic
pharmaceutical development company, is delighted to announce that
its subsidiary company, Clarion Clinics Group Pty Ltd, has entered
a lease for riverfront premises in Abbottsford, Melbourne.
The premises will be used to provide
psychedelic-assisted psychotherapy. Fit out and commissioning of
these premises is due to commence shortly and is expected to be
complete in August 2023, facilitating the opening of the first
clinic shortly thereafter.
The clinic is designed as a commercial scale
prototype, which can be scaled up and replicated to other
locations. It will have capacity to treat over 600 patients per
year in normal working hours and substantially more in extended
hour operations.
Incannex has ordered an initial supply of
psilocybin and MDMA, through an arrangement with Pharmala Biotech,
to facilitate the commencement of clinical operations.
Director for Incannex’s psychedelic clinics
business, Mr Peter Widdows said; “The initial clinic is a
pioneering venture that will implement best practice in psychedelic
treatment and aims to positively impact the lives of many people
suffering with intractable mental health conditions. It alone is a
substantial business opportunity and has the potential to expand
into a very sizable venture with the subsequent planned roll-out of
numerous clinics. The estimated Australian market for
psychedelic-assisted psychotherapy is anticipated to be more than
$2bn per annum and the global market closer to $60bn. Clarion
Clinics Group is uniquely placed to be a significant player in this
market by entering early, having the treatment model, business
model and the best qualified people in place.”
Incannex CEO and Managing Director, Mr Joel
Latham said; “Clarion Clinics will be the first dedicated
psychedelic-assisted psychotherapy business in Australia. We’re
delighted to be at the forefront of an industry that has the
potential to change the lives of thousands of people who have been
living with conditions for which there have been no adequate
treatment options.”
About Clarion Clinics Group
Incannex, through Clarion Clinics Group, plans
to open multiple psychedelic-assisted psychotherapy clinics in
Australia and overseas, with the first ‘model’ clinic to open in
Melbourne in Q3, 2023, followed by expansion of further clinics to
other Australian major centres, based on the development of sound
operations at the model clinic.
The model clinic will be a commercial scale
prototype, capable of treating 600+ patients per year in normal
working hours and substantially more in extended hours of
operation. The Company expects its inner-North Melbourne premises
to be ready before September 2023, facilitating first patient
treatments shortly after.
The Company has entered a collaboration
agreement with Australia’s leading clinical psychedelic
professionals, all of whom have extensive experience within
clinical psychedelic research, treatment, and training. Dr. Paul
Liknaitzky, Professor Suresh Sundram and Sean O’Carroll have joined
the Board of Directors of a Clarion Clinics Group Pty Ltd and
Clarion Model Clinic Pty Ltd and taken key executive roles within
the business. The venture is being led by long time Incannex
Director, Peter Widdows.
This announcement has been approved for
release to ASX by the Incannex Board of Directors.
About Incannex Healthcare
Limited
Incannex is a clinical stage pharmaceutical
development company that is developing unique medicinal cannabis
pharmaceutical products and psychedelic medicine therapies for the
treatment of obstructive sleep apnoea (OSA), traumatic brain injury
(TBI) and concussion, lung inflammation (ARDS, COPD, asthma,
bronchitis), rheumatoid arthritis, inflammatory bowel disease,
anxiety disorders, addiction disorders, and pain, among other
indications.
U.S. FDA approval and registration, subject to
ongoing clinical success, is being pursued for each drug and
therapy under development. Each indication under investigation
currently has no, or limited, existing registered pharmacotherapy
(drug) treatments available to the public and represent major
global economic opportunities to Incannex and its shareholders.
Incannex has a strong patent filing strategy in
place as it develops its products and therapies in conjunction with
its medical and scientific advisory board and partners. The Company
holds 19 granted patents and 30 pending patent applications.
Incannex is listed on the Australian Stock Exchange (ASX) with
stock code “IHL” and has American Depository Shares listed on
NASDAQ under code “IXHL”.
Website:
www.incannex.com.au Investors:
investors@incannex.com.au
Forward-looking statementsThis
press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date they were first issued and were
based on current expectations and estimates, as well as the beliefs
and assumptions of management. The forward-looking statements
included in this press release represent Incannex's views as of the
date of this press release. Incannex anticipates that subsequent
events and developments may cause its views to change. Incannex
undertakes no intention or obligation to update or revise any
forward-looking statements, whether as of a result of new
information, future events or otherwise. These forward-looking
statements should not be relied upon as representing Incannex's
views as of any date after the date of this press release.
Contact Information:
Incannex Healthcare LimitedMr
Joel LathamManaging Director and Chief Executive Officer+61 409 840
786joel@incannex.com.au
Investor Relations Contact – United States
Alyssa Factor Edison Group+1 (860) 573
9637afactor@edisongroup.com
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