Inmed Pharmaceuticals Inc Stock Price, News & Analysis

InMed Pharmaceuticals Inc. (NASDAQ:INM) announced participation in the virtual 2021 Cannabinoid-Derived Pharmaceuticals Industry Review Summit Europe from January 19-21, 2021. Key executives, including Michael Woudenberg, Karen Long, and Prof. Mauro Maccarrone, will share insights on cannabinoid therapeutics. Woudenberg will discuss the comparison of whole plant and synthetic cannabinoids, while Long will focus on drug approval processes. Maccarrone will address endocannabinoid signaling in his lecture. CEO Eric A. Adams highlighted the company's progress in therapeutic development.

InMed Pharmaceuticals Inc. (NASDAQ: INM, TSX: IN) announced promising top-line results from its 755-102-HV Phase 1 clinical trial evaluating INM-755 cream for treating epidermolysis bullosa. The trial, involving 8 healthy volunteers, demonstrated that the cream was safe and well-tolerated, with no significant adverse effects noted. Notably, the cream did not impede normal wound healing. Following this success, InMed is preparing to file regulatory applications for a Phase 2 efficacy and safety study in multiple countries within the first half of 2021.

InMed Pharmaceuticals (NASDAQ: INM) will participate in several virtual investor and partnering conferences in January 2021. Key events include the H.C. Wainwright BioConnect Conference from January 11-14, where a presentation by CEO Eric A. Adams will be available on demand. Additionally, the BIO Partnering at JPM will occur January 11-15, with registration options available. The Edison Open House: Global Healthcare 2021 is set for January 26-28. InMed focuses on developing cannabinoid-based medications for diseases with significant unmet medical needs.

InMed Pharmaceuticals has secured an exclusive worldwide license from EyeCRO for its MiDROPS® eyedrop delivery technology, enhancing the development of INM-088 for treating ocular diseases, including glaucoma. This technology aims to effectively administer cannabinoids to the eye. InMed's preliminary studies show that MiDROPS® delivers sustained CBN levels more effectively than other formulations. The agreement includes milestone payments and royalties to EyeCRO. InMed plans to initiate IND-enabling toxicology studies for INM-088 in 2021.

InMed Pharmaceuticals (NASDAQ: INM) has announced positive top-line results from its Phase 1 clinical trial, Study 101, for INM-755, a cannabinol (CBN) cream targeting epidermolysis bullosa (EB). Conducted with 22 healthy volunteers, the study showed that INM-755 was safe and well-tolerated, with no serious adverse effects or withdrawals. Local skin responses were minimal and resolved without intervention. The next Phase 1 trial, Study 102, investigating the effect of INM-755 on small epidermal wounds, is expected to report results in early 2021.

On November 24, 2020, InMed Pharmaceuticals confirmed the successful election of its director nominees during the annual general meeting held on November 20, 2020. Shareholders approved all proposed matters, including the election of directors to serve until the next annual meeting. Notable voting percentages include Eric A. Adams with 90.84% and Adam Cutler with 93.01% in favor. InMed is focused on developing cannabinoid-based medications, particularly targeting diseases with high unmet medical needs.

InMed Pharmaceuticals Inc. (NASDAQ:INM) has announced a collaboration with BayMedica Inc. to explore synergies between their technologies for cannabinoid production and therapeutic applications. Under their Collaborative Research Agreement, BayMedica will utilize InMed's IntegraSyn platform for cannabinoid production, while InMed will investigate therapeutic compounds from BayMedica's library. Successful outcomes could lead to technology licensing between the firms. Both companies aim to develop innovative cannabinoid-based medications, targeting diseases with high unmet medical needs.

InMed Pharmaceuticals has successfully closed a public offering raising approximately US$8 million by selling 1,780,000 common shares at US$4.50 per share, paired with warrants at an exercise price of US$5.11. The offering was conducted by Roth Capital Partners, with an option for underwriters to purchase an additional 267,000 shares. The funds will support the development of cannabinoid drug candidates like INM-755 for dermatology and INM-088 for ocular diseases, alongside working capital and manufacturing enhancements.

InMed Pharmaceuticals reported a net loss of $2.1 million or $0.41 per share for the first quarter of fiscal year 2021, a reduction from a $3.4 million loss in the same period last year. Research and development expenses fell to $1.2 million from $2.3 million due to decreased costs for external contractors. Overall cash reserves decreased to $6.1 million as of September 30, 2020, down from $8.0 million at June 30, 2020, largely due to operating cash outflows. The company plans to close announced financing on November 16, 2020.