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.
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.