Stocks of the Hour: SILK & Incannex

SILK (ASX:SLA) secures $20m support from institutional investors

Beauty treatments provider SILK (ASX: SLA) has successfully raised $20 million by issuing 4.7 million new shares. The institutional placement offered securities at $4.30 per share. The price represents a discount of 5.1 per cent to the firm’s last closing price. The proceeds from the placement will partially fund the acquisition of Beauty Services Holdings.

Incannex (ASX:IHL) teams up with Vectura in product registration process

Medical cannabis researcher Incannex (ASX:IHL) is set to enter into a collaboration with London-listed pharmaceutical company Vectura Group in a bid to acquire regulatory approval for the ASX-listed company’s brain injury treatment. Under the partnership, Vectura will develop the specific formulation for IHL-216A required for clinical trials. IHL-216A is Incannex’s s proprietary inhaled drug designed to reduce damage from secondary brain injuries.

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Source: Finance News Network