InMed Pharmaceuticals Inc. (NASDAQ: INM) Releases Q1 2022 Financial Results, Business Update Showing Positive Momentum Across All Its Programs

  • InMed Pharmaceuticals released Q1 2022 financial results in which it reported a year-on-year increase in research and development expenses primarily due to increased activities related to INM-755 clinical trials
  • The company’s cash, cash equivalents, and short-term investments also grew quarter over quarter from $7.4 million to $15.4 million
  • Following the closing of BayMedica’s acquisition, the integrated teams are working together with a focus on launching selected rare cannabinoids, growing revenue, and expanding sales
  • InMed has commenced Phase 2 clinical trial of INM-755 (cannabinol) cream for the treatment of a group of rare skin disorders
  • Preclinical data of INM-088, the company’s cannabinol (“CBN”) formulation for the treatment of glaucoma, show CBN’s effectiveness in reducing cell death in retinal ganglion cells

For the three months ending September 30, 2021 (“Q1 2022”), InMed Pharmaceuticals (NASDAQ: INM), a global leader in pharmaceutical development, manufacturing, and commercialization of rare cannabinoids, witnessed positive momentum across all of its programs. And in a business update accompanying the release of its Q1 2022 financial results, the company discussed this momentum in relation to the progress made thus far (https://cnw.fm/dLKoa).

On October 13, InMed closed the previously announced (https://cnw.fm/1zsA6) acquisition of BayMedica Inc., in a transaction that created an industry leader in the manufacture and commercialization of rare cannabinoids. The integrated teams are now working together to identify rare cannabinoids in BayMedica’s pipeline for commercialization in the consumer health and wellness industry.

“For the duration of fiscal year 2022, we will be focused on growing revenues through the launch of these selected rare cannabinoids, in addition to expanding sales of BayMedica’s Prodiol(R) CBC (cannabichromene) and progressing our existing programs,” commented Eric A. Adams, InMed President and CEO.

The management expects to introduce multiple new, rare cannabinoids in the near future, focusing on high demand, attractive margin products, in addition to expanding revenues substantially in the short-to-medium term. Further, the integrated science teams will be looking to explore the therapeutic potential of BayMedica’s novel cannabinoid analogs for incorporation into InMed’s pharmaceutical drug development.

With regards to its proprietary IntegraSyn(TM) cannabinoid manufacturing approach, the team is currently focused on process optimization for large-scale, pharmaceutical-grade Good Manufacturing Practice (“GMP”) production of rare cannabinoids. InMed holds that IntegraSyn will be a preferred pharmaceutical production method and may fit perfectly with BayMedica’s chemical synthesis and biosynthesis manufacturing approaches for non-pharmaceutical applications.

In addition, September 30 also marked the beginning of the 755-201-EB study, InMed’s Phase 2 clinical trial of INM-755 (cannabinol) cream for the treatment of a group of rare skin disorders scientifically known as Epidermolysis Bullosa (“EB”). The commencement of the study marked the first time cannabinol has advanced to a Phase 2 clinical trial to be evaluated as a therapeutic option for disease treatment. The study, which has ethics and regulatory authority approvals in five countries and is expected to take place across seven countries, namely Austria, Germany, Greece, France, Italy, Israel, and Serbia, follows two completed Phase 1 studies.

The Phase 1 studies strongly evidenced the overall safety and tolerability of the INM-755 cream. In addition, preclinical data showed that the cream might help relieve characteristic EB symptoms, including pain and inflammation, as well as potentially restore the skin’s integrity in some EB Simplex patients.

Combined, the activities related to the INM-755 clinical trials contributed to the company’s increased research and development (“R&D”) expenses for Q1 2022, which stood at $1.5 million, up from $0.9 million in Q1 2021.

InMed has also developed a cannabinol (“CBN”) topical eye drop formulation, INM-088, currently the subject of preclinical studies as a potential treatment for glaucoma. Data from these studies demonstrate CBN’s effectiveness in reducing cell death in retinal ganglion cells, indicating the cannabinoid’s neuroprotective capabilities that may extend vision retention. In addition, preclinical data suggest that CBN reduces intraocular pressure in glaucoma models. On August 17, the company presented at the H.C. Wainwright Ophthalmology Conference detailing these findings.

InMed continues to work toward completing the INM-088-based preclinical studies in preparation for human clinical trials. The company anticipates filing regulatory applications in the second half of the 2022 financial year to commence human clinical testing with INM-088.

Other key highlights of the report and business update included an international patent application for treating neurodegenerative diseases using rare cannabinoids filed early this month, as well as a notable quarter-over-quarter increase in the company’s cash, cash equivalents, and short-term investments from $7.4 million in Q4 2021 to $15.4 million in Q1 2022. InMed attributed this increase to the July 2 private placement in which the company received net proceeds of approximately $11.0 million.

For more information, visit the company’s website at www.InMedPharma.com.

NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://cnw.fm/INM

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