Welcome to our dedicated page for Inmed Pharmaceuticals news (Ticker: INM), a resource for investors and traders seeking the latest updates and insights on Inmed Pharmaceuticals stock.
InMed Pharmaceuticals Inc. reports developments as a pharmaceutical company developing proprietary small-molecule drug candidates for diseases with high unmet medical needs. Its pipeline targets CB1 and CB2 receptors and includes INM-901 for Alzheimer's disease, along with ocular and dermatological programs.
Recurring updates cover financial results, business progress, preclinical and regulatory disclosures, shareholder voting matters, capital actions, Nasdaq listing compliance, and changes affecting BayMedica, its wholly owned subsidiary historically associated with rare cannabinoid commercial activities.
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.
InMed Pharmaceuticals Inc. (NASDAQ: INM) has announced a public offering of 1,780,000 common shares paired with warrants at a price of US$4.50 per share, aiming for gross proceeds of approximately US$8 million. Each warrant allows for the purchase of one common share at an exercise price of US$5.11, expiring six years after issuance. The offering is set to close on November 16, 2020. The funds will be utilized for preclinical and clinical development of cannabinoid drug candidates, among other corporate purposes.