The Incannex (ASX:IHL) share price is surging 7% higher today. Here’s why

The Incannex Healthcare Limited (ASX: IHL) share price has zoomed up today as the company announced positive results in its drug study results.

Shares in the bio tech small cap are currently trading 7.5% higher at 17 cents.

What Incannex does

Incannex is a clinical stage pharmaceutical development company in the cannabis industry. The company utilises medicinal cannabis products and psychedelic therapies for the treatment of obstructive sleep apnoea and traumatic brain injury among other things.

Incannex is pursuing FDA registration, subject to ongoing clinical success, for each product under development.

In addition, the company owns a license to import, export and distribute medicinal cannabis products and has launched a line of…