- Special purpose acquisition company Soaring Eagle Acquisition Corp. combined with Ginkgo Bioworks to form publicly listed Ginkgo Bioworks Holdings Inc., in what is the largest-ever biotechnology go-public transaction
- Ginkgo Bioworks is known for its work in the commercial-scale production of a rare cannabinoid, CBG, for use in a multitude of industrial needs
- InMed uses multiple manufacturing approaches to synthetically produce rare cannabinoids, including CBC which is currently sold through its subsidiary BayMedica
- The success of the Ginkgo IPO suggests the marketplace value associated with the production of rare cannabinoids
Special purpose acquisition company (“SPAC”) Soaring Eagle Acquisition Corp. (NASDAQ: SRNGU, SRNG, SRNGW) recently announced a business combination between itself and Ginkgo Bioworks. The resulting entity made its debut renamed as Ginkgo Bioworks Holdings, Inc. and a public listing on the New York Stock Exchange (“NYSE”) under the ticker symbol DNA. A total of 75% of Soaring Eagle’s shareholders participated in the vote, with 97% of them voting in favor of the combination. The combination closed on September 16, 2021, with the public trade on the NYSE commencing the following day. The $1.6 billion in proceeds from the combination represents the largest biotechnology go-public transaction to date (https://cnw.fm/WQnzi).
In recent news, Ginkgo Bioworks announced that the company had made a breakthrough improvement on how they produce a key material used in mRNA vaccine manufacturing and the commercial-scale production of the rare cannabinoid CBG. Like Ginkgo Bioworks, biopharmaceutical company InMed Pharmaceuticals Inc. (NASDAQ: INM) and its subsidiary BayMedica are innovators in the field of rare cannabinoids, making them available for consumer access. InMed specializes in developing a proprietary biosynthesis system for the manufacturing of pharmaceutical-grade cannabinoids that are otherwise too rare to be acquired in abundance. Also, through their recent acquisition of BayMedica, InMed now has capabilities in both yeast biosynthesis and chemical synthesis, catering to the large and growing health and wellness consumer markets.
The cannabis plant is made up of over 100 unique cannabinoids, many of which are only found in trace amounts. The initial focus of InMed is the therapeutic benefits of a cannabinoid named cannabinol (“CBN”), which may be helpful in numerous diseases that have a high unmet medical need. With CBN being found in such small amounts in the cannabis plant, InMed is developing IntegraSyn to help create the cannabinoid synthetically in the lab.
Currently, InMed has two drugs within its pipeline using CBN — INM-755 and INM-088. INM-755 is a topical compound with CBN to be used for the treatment of epidermolysis bullosa, a severe genetic skin disorder. INM-755 has already been evaluated in two phase I clinical trials, and recently commenced a global phase II study. INM-088 is an ocular CBN treatment for glaucoma. When applied directly to the eye, INM-088 has shown significant promise in reducing intraocular pressure and providing neuroprotection of the eye.
With so many of these cannabinoids exhibiting the potential to fulfill several unmet medical needs industry-wide, InMed is working on the answer to mass production of rare and otherwise depleted cannabinoid opportunities. Unlike tetrahydrocannabinol (“THC”) and cannabidiol (“CBD”), which are found in excess within the cannabis plant, the goal for InMed and its subsidiary BayMedica is to use various manufacturing approaches to produce the amounts of rare cannabinoids necessary to fulfill the outstanding medical need in the industry.
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
CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.
To receive instant SMS alerts, text CBDWire to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CBDWire.com
Do you have questions or are you interested in working with CNW? Ask Our Editor
CBDWire is part of the InvestorBrandNetwork.