Incannex Stock Trading Higher On Entering A Lease For First Psychedelic-Assisted Psychotherapy Clinic

Vuk Zdinjak

May 05, 2023 8:39am Comments

Incannex Stock Trading Higher On Entering A Lease For First Psychedelic-Assisted Psychotherapy Clinic

Incannex Healthcare Ltd (NASDAQ: IXHL) (ASX:IHL) announced 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.

Incannex CEO and managing director, Joel Latham stated: “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.”

Price Action

Incannex shares were trading 7.91% higher at $1.91 during Friday's pre-market session.

Photo: Benzinga edit with photos by geralt and sergeitokmakov on Pixabay

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