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Melbourne-based medicinal cannabis product developer Incannex (ASX: IHL) has officially landed on the US stock exchange Nasdaq, hoping its dual listing will attract an expanded pool of investors.
The company, which also specialises in psychedelic therapy research including the potential benefits of psilocybin, commenced trading last Friday under the ticker symbol IXHL, with each American Depository Share (ADS) representing 25 ordinary shares of the company.
The research and development company simultaneously retains its listing of shares on the Australian Stock Exchange, but notes that the dual listing means it is more accessible to a wider audience of investors “with sophisticated understandings of medicinal cannabinoids, psychedelic therapies, and pharmaceutical development”.
Incannex Managing director Joel Latham and chairman Troy Valentine were invited to ring the closing bell at the Nasdaq MarketSite in Times Square on Friday to celebrate the company’s listing.
“The ringing of the closing bell to commemorate the listing of our ADSs was a milestone for Incannex, as we advance our pipeline of novel synthetic cannabinoid and psychedelic agents through the clinic,” Latham said.
“Listing on Nasdaq will help increase our visibility with international investors and clinical research facilities.
“We look forward to continuing our strategy of pursuing U.S. Food and Drug Administration approval for all of our therapies and to bringing these innovative medicines to patients in need.”
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