Impression Healthcare (ASX:IHL) has just raised A$5 million through firm commitments at $0.078 per share.
Impression Healthcare Limited (ASX: IHL) has announced that it has received firm commitments to raise $5.0m through a placement conducted by Peloton Capital at $0.078 per share.
According to the company, demand for the shares exceeded the $5m maximum sought, which will enable Impression to fast track the development of its novel cannabinoid products.
Impression Healthcare has commenced the full drug discovery process for three of its unique cannabinoid products.
The cannabinoid formulas are designed to treat for Traumatic Brain Injury (TBI), Obstructive Sleep Apnoea (OSA), and TMJ Dysfunction (TMD). The progress on these novel formulas was recently covered in more depth by IHL's Chief Medical Officer Dr Sud in a presentation, which we covered here.
The company states that the total addressable market of each therapeutic area is $1 billion or greater, for which no existing pharmacotherapy options are currently available. The novel nature of IHL's formulations means that they will likely be eligible for public subsidies such as the Pharmaceutical Benefits Scheme in Australia.
A patent for TBI has been filed and patents pertaining to OSA and TMD are expected to be filed shortly. Once the Patents have been filed, Impression will be able to commence prescription of those formulations under the Australian Special Access Scheme (SAS).
IHL states that it is at this point that initial "in-human" observations will also be undertaken during preclinical studies. Those initial in-human studies will be presented as research papers. The cost of the studies and trials will be mostly paid for under the Research Agreement executed with Cannvalate Pty Ltd in March.
IHL faces a clear pathway to creating unique, globally significant products for which the company will seek TGA, FDA, and EMA approval.
We are delighted to have secured funding to commence preclinical studies to formulate, test and collect gateway study data on our novel cannabinoid drugs. Dr Sud Agarwal, Chief Medical Officer of Impression Healthcare Limited.
Dr Agarwal, Chief Medical Officer of IHL stated that the funding "will help us to identify what are the best technologies for achieving optimal pharmacokinetics, efficacy without compromising safety and tolerability."
External to the drug development program, funds from the capital raise will also be applied to:
- Increased wholesale medicinal cannabis product purchases for distribution under the Australian SAS
- Continued Development of INCANNEXTM CBD oils
- Cannabinoid customer research and acquisition
- Appointment of 2-3 key scientific/medical operation staff
- Oral Devices Australian and international expansion
- General working capital
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
IHL has its Australian licenses in place to import, export and distribute cannabis products and has launched a line of EU GMP-approved CBD oil products under the brand, "IncannexTM". IncannexTM oils may be sold under IHL's product supply and distribution agreement with Cannvalate Pty Ltd – the largest network of cannabis medicine prescribers in Australia.
You can learn more about Impression Healthcare Limited on their Company HQ here.
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