Incannex Healthcare Shares Soar Premarket on Psilocybin Study

Dow Jones02-28

By Colin Kellaher

Incannex Healthcare shares surged more than 80% in premarket trading Wednesday after the biotechnology company reported positive top-line results from a Phase 2 study of psilocybin in generalized anxiety disorder.

Incannex said the study met its primary endpoint, showing a large clinical effect in the psilocybin treatment group over the placebo group.

The Australia-based company said it has finalized the development of formulation of its psilocybin drug product, PSX-001, and that it plans to seek U.S. Food and Drug Administration approval to proceed to a multi-site Phase 2B study.

Incannex shares, which closed Tuesday at $4.22, were recently up 83% at $7.73 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 28, 2024 08:59 ET (13:59 GMT)

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