Magic Mushrooms trial boosts Incannex
By Emma Koehn
Shares in pot stock Incannex jumped 20 per cent at the open after the company revealed details of a partnership with Monash University that will see it launch the largest psychedelic clinical trial in Australia.
The cannabis research firm will be looking at the impact of psilocybin, the psychedelic compound found in magic mushrooms, on patients with generalised anxiety disorders.
Incannex CEO Joel Latham told this masthead the company was keen to be at the forefront of developing approved treatments for psilocybin use on top of the company's pre-existing pipeline for cannabis treatments, which includes work on a compound for preventing secondary brain injury post-concussion.
"There is ample opportunity for us to be the first mover. That was a key component in why we wanted to enter into this space," he said.
Shares in the company jumped just over 20 per cent in the first hour of trade to 17.5c, before settling at 16.5c at 10:40am.
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