Full Press Release Details
Incannex Healthcare Authorizes $20 Million Share
Melbourne, Australia and New York, USA -
August 22 - Incannex Healthcare Inc. (Nasdaq: IXHL) ("Incannex" or the "Company"), a clinical-stage
biopharmaceutical company developing innovative combination therapies for high-impact conditions, today announced that its Board of Directors
has authorized a share repurchase program (the "Repurchase Program") for up to $20 million of the Company's outstanding
shares of common stock ("Common Stock").
Under the Repurchase Program, the Company may
repurchase shares of Common Stock through open market purchases, privately negotiated transactions, accelerated share repurchase arrangements,
or other methods permitted under applicable securities laws, including under Rule 10b5-1 trading plans and in compliance with Rule 10b-18
of the Securities Exchange Act of 1934, as amended.
The timing and amount of any repurchases will
depend on market conditions, available capital resources, and other factors.
President and CEO of Incannex Healthcare
Joel Latham commented, "The approval of this $20 million repurchase program reflects our confidence in the strength of our
pipeline, the resilience of our strategy, and the opportunities ahead. We believe the current market valuation does not accurately
reflect the significant progress we have made across our clinical programs. This initiative allows us to act decisively, strengthen
our capital management strategy, and potentially enhance long-term value creation for shareholders."
The Repurchase Program reflects Incannex's
commitment to driving sustainable shareholder value while maintaining discipline in capital allocation to support the advancement of its
late-stage clinical pipeline.
About Incannex Healthcare Inc.
Incannex is leading the way in developing combination
medicines that target the underlying biological pathways associated with chronic conditions, including obstructive sleep apnea, rheumatoid
arthritis and generalized anxiety disorder. The company is advancing three clinical-stage product candidates based on evidence-based innovation,
and supported by streamlined operations. Incannex's lead clinical program, IHL-42X, is an oral fixed-dose combination of dronabinol and
acetazolamide designed to target underlying mechanisms and act synergistically in the treatment of obstructive sleep apnea. In a Phase
2 development program, IHL-675A is an oral fixed-dose combination of cannabidiol and hydroxychloroquine sulfate designed to act synergistically
to alleviate inflammatory conditions, such as rheumatoid arthritis. Approved for Phase 2 clinical development, PSX-001 is an oral synthetic
psilocybin treatment for the treatment of generalized anxiety disorder. Incannex's programs target disorders that have limited, inadequate,
or no approved pharmaceutical treatment options. For additional information on Incannex, please visit our website at www.incannex.com.
Forward Looking Statements
This 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. Forward-looking statements are statements other than historical facts and relate to future events, future circumstances and Incannex's
future performance. These statements are based on management's current assumptions, expectations, and beliefs. Examples of forward-looking
statements in this press release include statements about, among other things: statements regarding potential future dilution; Incannex's
opinions and estimates about the fundamentals and underlying value of its business relative to the trading price of its common stock;
business strategy, future operations; Incannex's ability to execute on its objectives, prospects, commercial discussions or plans; evaluations
and judgments regarding Incannex's research and development efforts and potential future commercialization, including any implications
that the results of earlier clinical trials or interim or topline results will be representative or consistent with later clinical trials
or their respective interim or final results; the potential benefits (and safety of Incannex's drug candidates and the market opportunity
for these candidates; Incannex's plans to repurchase up to $20 million of its Common Stock and potential shareholder value. These
forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances
described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied
by the forward-looking statements. These risks and uncertainties include, among others: that current expense and cash resource estimates
which may be ultimately be inaccurate and the Company may need to raise capital, including through the ATM, sooner than it presently anticipates;
the continued availability of financing; Incannex's ability to raise capital to fund continuing operations and to maintain or potentially
further improve its capital structure; Incannex's ability to maintain the listing of its shares of common stock on the Nasdaq Stock
Market; the impact of any infringement actions or other litigation brought against Incannex; the success of Incannex's development efforts,
including Incannex's ability to progress its drug candidates through clinical trials on the timelines expected and to obtain necessary
regulatory approvals for commercialization of its product candidates; the effects of competition from other providers and products as
currently existing or that may be developed in the future; that the market for its drug candidates may not grow at the rates anticipated
or at all or that estimates for these markets may ultimately be incorrect; that Incannex may be unable to successfully execute upon any
commercial discussions; Incannex's ability to comply with the various evolving and complex laws and regulations applicable to its business
and its industry; and Incannex's ability to protect its proprietary technology and intellectual property; and other factors relating to
Incannex's industry, its operations and results of operations. The forward-looking statements made in this press release speak only as
of the date of this press release, and Incannex assumes no obligation to update publicly any such forward-looking statements to reflect
actual results or changes in expectations, except as otherwise required by law. Incannex's reports filed with the U.S. Securities and
Exchange Commission (SEC) including its annual report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on September
30, 2024, and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made
available on Incannex's website upon their filing with the SEC. These reports contain more information about Incannex, its business and
the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this
press release. For additional information on Incannex, please visit our website at www.incannex.com.
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