BioMedNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Releases Financial Results, Business Updates for Q1 2022

Company: InMed Pharmaceuticals Inc. (INM)
Category: News

InMed Pharmaceuticals (NASDAQ: INM), a leader in the development, manufacturing and commercialization of rare cannabinoids, has reported its financial numbers and corporate update for first-quarter 2022, the period ended Sept. 30, 2021. Highlights of the report included the company’s completion of the BayMedica acquisition, positioning InMed as an industry leader in the manufacturing and commercialization of rare cannabinoids. In addition, InMed is focused on the process optimization of IntegraSyn(TM) as a solution for large-scale, pharmaceutical-grade Good Manufacturing Practice (“GMP”) rare cannabinoid production. The company is also continuing the preclinical studies of its exclusive glaucoma program, INM-088, in preparation for human clinical trials. Finally, earlier this month InMed submitted an international patent application requesting commercial exclusivity for the potential treatment of neurodegenerative diseases such as Alzheimer’s Disease, Parkinson’s Disease, Huntington’s Disease and others. On the financial side, the company closed a $12 million private placement, recorded a net loss of $3 million for the period, and reported R&D expenses of $1.5 million along with general and administrative expenses of $1.4 million. “The first quarter of fiscal 2022 saw positive momentum across all of our programs,” said InMed president and CEO Eric A. Adams in the press release. “With the completion of the BayMedica Inc. acquisition, our integrated teams are working together to identify rare cannabinoids in BayMedica’s pipeline for commercialization in the consumer health and wellness industry. For the duration of fiscal year 2022, we will be focused on growing revenues through the launch of these selected rare cannabinoids, in addition to expanding sales of BayMedica’s Prodiol(R) CBC (cannabichromene) and progressing our existing programs.”

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About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the manufacturing and development of rare cannabinoids. Together with its subsidiary, BayMedica, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, please visit www.InMedPharma.com.  

NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://ibn.fm/INM

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