THC Pharma, a subsidiary of Epsilon Healthcare, has pulled its application to wind up Cannvalate following a resolution between the two companies over an unpaid debt.
The winding up application had been filed by THC Pharma under the Corporations Act in early June.
A court hearing had been scheduled for the previous Friday but was called off, with the matter formally dismissed.
Both Epsilon and Cannvalate declined to provide further comment, though each confirmed the dispute had been settled and the legal action withdrawn.
Incannex Healthcare
Incannex Healthcare has selected Fortrea as its contract research organisation to run an upcoming investigational new drug (IND) phase 2/3 clinical trial targeting obstructive sleep apnoea (OSA).
The trial, which will run for one year across 45 sites including numerous locations in the US, is designed to assess the safety and efficacy of the company's IHL-42X medication as a treatment for OSA.
Incannex chief executive and managing director Joel Latham described the initial studies of IHL-42X — which contains dronabinol, a synthetic form of THC — as "truly remarkable".
"It allows for this phase 2/3 trial to be a genuine long term safety and efficacy trial," he said. "If we again observe such remarkable drug efficacy, safely administered over the 52 weeks, Incannex is confident that our product will be marketable."
