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Incannex Healthcare Inc. (Nasdaq : IXHL ) announced on Tuesday that it has secured a funding agreement with Arena Investors, LP Up to $60 million in order to advance the clinical-stage drug candidate of the company.

The deal includes up $10 million in secured convertible notes and a line of credit for $50 million. The Australia-based Incannex intends to use the funds for ongoing clinical trials and corporate purposes.

Joel Latham Incannex President and CEO said, “We are delighted to be partnering up with Arena and ABS to secure this strategic financing. This will strengthen Incannex’s ability to advance its lead programs to key late-stage milestones in clinical trials.” Statement.

The financing agreement provides an initial funding tranche at closing of $3.33 Million, with the option to add two additional tranches up to $6.67 Million. All tranches come with a 10% discount on the original issue.

The company also said that the $50 million ELOC with Arena affiliate Arena Business Solutions gives Incannex flexibility to sell and issue shares of common stock for a period of 36 months.

Incannex is currently conducting clinical trials for cannabinoid and psychedelic-based drugs including:

• Phase 2/3 study on IHL-42X in obstructive Sleep Apnea
• Phase 2 trial of PsiGAD in generalized anxiety disorder
• Phase 2 study of IHL-675A in rheumatoid arthritic patients

The company said it recently completed dosing in a 115-participant bioavailability/bioequivalence trial for IHL-42X. It also Receive approval The Food and Drug Administration has approved the PsiGAD program, which uses psilocybin to assist psychotherapy, for a Phase 2 clinical trial. Incannex’s Psilocybin Compound known as PSX-01.

Arena Investors, LP specializes in providing funding to complex industries including healthcare. According to a news release, the company managed $3.5 billion of invested and committed assets as of June 30.