Incannex Healthcare secures 3.3 million in convertible debenture financing

Incannex Healthcare Inc. has secured a convertible debenture valued at $3.3 million from Arena Special Opportunities (Offshore) Master II LP.

The debenture features a 10% original issue discount and a 5% payment-in-kind interest rate.

The funds raised will be used to advance Incannex's three lead pharmaceutical assets and support strategic initiatives.

In addition to this financing, Incannex has also secured funding through a separate agreement with FC Credit Pty Ltd and has entered into agreements that could provide up to $60 million in capital.

Incannex's recent decision to secure additional funding is crucial for its ongoing operations as it has not been profitable over the last twelve months.

However, investor sentiment has shown volatility, with the stock's Relative Strength Index indicating potential pullback in the near future.

Moving forward, Incannex's ability to effectively utilize the funds raised and maintain a robust financial foundation will be critical to its success in the competitive biopharmaceutical sector.

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