Incannex (ASX:IHL) share price backtracks on FDA update

The Incannex Healthcare Ltd (ASX: IHL) share price is in reverse during late-afternoon trade. This comes despite the company’s positive pre-investigational new drug application (pre-IND) meeting with the United States Food and Drug Administration (FDA).

At the time of writing, the healthcare company’s shares are trading at 28.5 cents, down 1.7%. In comparison, the All Ordinaries Index (ASX: XAO) is 0.4% higher to 7,288 points.

FDA update

According to its release, Incannex announced it received positive feedback from the FDA Pre-IND meeting regarding the regulatory pathway for IHL-675A.

Incannex’s IHL-675A is a novel therapy that comprises hydroxychloroquine (HCQ) and cannabidiol (CBD). The medical therapy is being targeted…