Clarion Clinics Group Pty Ltd, a wholly-owned subsidiary of Incannex Healthcare Ltd (ASX:IHL, NASDAQ:IXHL), has entered a lease for a property in Abbotsford, Melbourne Victoria, to be used as a clinic for psychedelic-assisted psychotherapy.
IHL says outfitting of the premises will begin shortly, expected to be complete in August this year with the official opening of the clinic to follow soon after.
“Clarion Clinics will be the first dedicated psychedelic-assisted psychotherapy business in Australia,” Incannex Healthcare CEO and managing director Joel Latham said.
“We’re delighted to be at the forefront of an industry that has the potential to change the lives of thousands of people who have been living with conditions for which there have been no adequate treatment options.”
$2 billion Australian market
The clinic will be designed as a commercial-scale prototype with the goal of expanding and replicating the clinic in other locations, with an initial capacity for more than 600 patients per year.
Incannex has already made a preliminary supply of psilocybin and MDMA, through an arrangement with Pharmala Biotech, to support the clinic’s operations.
“The initial clinic is a pioneering venture that will implement best practice in psychedelic treatment and aims to positively impact the lives of many people suffering with intractable mental health conditions,” Incannex Healthcare director for psychedelic clinics Peter Widdows said.
“It alone is a substantial business opportunity and has the potential to expand into a very sizable venture with the subsequent planned roll-out of numerous clinics.
“The estimated Australian market for psychedelic-assisted psychotherapy is anticipated to be more than $2 billion per annum and the global market closer to $60 billion.
“Clarion Clinics Group is uniquely placed to be a significant player in this market by entering early, having the treatment model, business model and the best qualified people in place.”