Inmed Pharmaceuticals Inc Stock Price, News & Analysis

InMed Pharmaceuticals Inc. (Nasdaq: INM) announces the promotion of Sarah Li to Vice President of Accounting and Controller, effective immediately. This change follows the transition of Brenda Edwards, who will step down as interim Chief Financial Officer on November 20, 2022, after serving since March 2022. Eric A. Adams, CEO of InMed, praised Ms. Li's contributions while thanking Ms. Edwards for her service.

The company is also in talks to finalize the engagement of interim financial leadership consulting services to support ongoing financial operations.

InMed Pharmaceuticals has launched its neurodegenerative disease program, focusing on the effects of cannabinoid analogs on Alzheimer’s, Huntington’s, and Parkinson’s diseases. The company has identified two lead cannabinoid analog compounds for further in vivo studies and expects early preclinical efficacy results by Q2 2023. Funding from an NSERC grant will support collaborative research with the University of British Columbia, enhancing the potential therapeutic effects of these compounds. InMed aims to patent these cannabinoid analogs to secure their long-term research and commercial opportunities.

InMed Pharmaceuticals reported a net loss of $3.5 million for Q1 FY2023, with a loss per share of $4.06, which is an increase from a $3.0 million loss and $6.17 per share a year earlier. Sales from BayMedica reached $0.3 million following its acquisition. The Phase 2 clinical trial for INM-755 for Epidermolysis Bullosa is ongoing, while preclinical studies for INM-088 for glaucoma align with FDA guidelines. Cash equivalents increased to $9.4 million from $6.2 million. A $0.6 million inventory write-down was recorded due to lower demand expectations.

InMed Pharmaceuticals Inc. (Nasdaq: INM) will be represented by President and CEO Eric A. Adams and SVP of Preclinical Research and Development Eric Hsu during a webinar event titled "Exploring the Neuroprotective Qualities of Rare Cannabinoids". The event is scheduled for November 17, 2022, starting at 8:30 am Pacific/11:30 am Eastern. Interested participants can register for the complimentary event at Tribe Public's website. InMed focuses on researching and developing rare cannabinoids for various medical applications, addressing high unmet medical needs.

InMed Pharmaceuticals (Nasdaq: INM) announces support for Epidermolysis Bullosa (EB) Global Awareness Week from October 25-31, 2022. The company aims to raise awareness about EB, a rare genetic skin disorder characterized by fragile skin and blisters. Senior VP Alexandra Mancini emphasized the importance of the disease and the company's Phase 2 study on a cannabinol cream for symptom relief. InMed will share educational content and personal stories via social media during this week, collaborating with organizations like DEBRA to support the EB community.

InMed Pharmaceuticals (Nasdaq: INM) reported financial results for the fiscal year ending June 30, 2022, revealing a net loss of $18.6 million, up from $10.2 million the previous year. Research and development expenses rose to $7.3 million from $5.3 million, driven by increased clinical activities. The company has initiated a Phase 2 clinical trial for INM-755, targeting epidermolysis bullosa, with nine patients enrolled so far. Following a strategic realignment, InMed will focus on its pharmaceutical drug development while scaling back on its BayMedica subsidiary.

InMed Pharmaceuticals Inc. (Nasdaq: INM) will release its financial results for the fiscal year ending June 30, 2022, on September 23, 2022. The company specializes in rare cannabinoids and aims to address diseases with unmet medical needs through its clinical programs. A conference call and webcast will be held at 10:00 AM PT on the same day. Participants are encouraged to register in advance to receive dial-in details. Financial statements will be available on their official website and SEDAR.

InMed Pharmaceuticals announced the closing of a private placement of 691,245 common shares at $8.68 each, raising about $6 million. The funds will support pipeline development, enhance manufacturing capabilities, and bolster intellectual property efforts. Investors also received options to purchase up to 1,382,490 additional shares at $8.44 each, valid for seven years. This placement, arranged by H.C. Wainwright & Co., is exclusively for accredited investors under SEC regulations. The securities will not be offered in the U.S. until registered or exempt from registration.

On September 9, 2022, InMed Pharmaceuticals (Nasdaq: INM) announced a securities purchase agreement with institutional investors for the sale of 691,245 common shares at $8.68 per share, aiming to raise approximately $6 million. The offering is expected to close on or about September 13, 2022. The proceeds will fund pipeline development, manufacturing, and intellectual property initiatives. Additionally, the company will issue unregistered preferred investment options for up to 1,382,490 shares.