Sorry about the post above. It contains extranious stuff. i have asked for it to be removed. Here is another attempt.
Small Caps ASX Australian stock market Weekly review: Australian share market shooting out the lights near 6000 points as dollar hits US70c By John Beveridge - June 6, 2020 Australian market ASX 200 6000 points dollar US70c June 2020 WEEKLY MARKET REPORT 5
Impression Healthcare (ASX: IHL) Impression Healthcare revealed it would focus exclusively on cannabinoid sales and drug development, which the company’s chief executive officer Joel Latham claims is the part of the business that drives value for shareholders.
“The opportunities in the medicinal cannabis sector are significant and [Impression] has assembled a world-class team in this space, with four clinical assets undergoing assessment,” he said.
To reflect this focus, Impression plans to change its industry classification code from Health Care Equipment and Services to Pharmaceuticals, Biotechnology and Life Sciences.
Additionally, Impression proposes to change its name to its medicinal cannabis brand Incannex Healthcare Ltd.
The new focus follows Impression kicking-off trials to assess the impact of its cannabidiol (CBD) drug IHL-675A against COVID-19 induced associated acute respiratory distress syndrome (SAARDS), which is the primary cause of death in severe COVID-19 patients.
Under the first stage of the trial, the drug will be used on rodents with induced sepsis. Results from stage one will then underpin the next stage which will investigate the “optimal inflammation dampening response” of the drug.
If the studies prove successful, then Impression will apply to the US FDA for Emergency Use Authorisation, which will enable testing in human COVID-19 patients.
IHL Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
