Successful Ginkgo Bioworks SPAC IPO Highlights Available Industry Opportunities for InMed Pharmaceuticals Inc. (NASDAQ: INM) and Synthetic Cannabinoid Production

  • Special purpose acquisition company Soaring Eagle Acquisition Corp. combined with Ginkgo Bioworks to form publicly listed Ginkgo Bioworks Holdings Inc., in what is the largest-ever biotechnology go-public transaction
  • Ginkgo Bioworks is known for its work in the commercial-scale production of a rare cannabinoid, CBG, for use in a multitude of industrial needs
  • InMed uses multiple manufacturing approaches to synthetically produce rare cannabinoids, including CBC which is currently sold through its subsidiary BayMedica
  • The success of the Ginkgo IPO suggests the marketplace value associated with the production of rare cannabinoids 

Special purpose acquisition company (“SPAC”) Soaring Eagle Acquisition Corp. (NASDAQ: SRNGU, SRNG, SRNGW) recently announced a business combination between itself and Ginkgo Bioworks. The resulting entity made its debut renamed as Ginkgo Bioworks Holdings, Inc. and a public listing on the New York Stock Exchange (“NYSE”) under the ticker symbol DNA. A total of 75% of Soaring Eagle’s shareholders participated in the vote, with 97% of them voting in favor of the combination. The combination closed on September 16, 2021, with the public trade on the NYSE commencing the following day. The $1.6 billion in proceeds from the combination represents the largest biotechnology go-public transaction to date (https://ibn.fm/OSP4s).

In recent news, Ginkgo Bioworks announced that the company had made a breakthrough improvement on how they produce a key material used in mRNA vaccine manufacturing and the commercial-scale production of the rare cannabinoid CBG. Like Ginkgo Bioworks, biopharmaceutical company InMed Pharmaceuticals Inc. (NASDAQ: INM) and its subsidiary BayMedica are innovators in the field of rare cannabinoids, making them available for consumer access. InMed specializes in developing a proprietary biosynthesis system for the manufacturing of pharmaceutical-grade cannabinoids that are otherwise too rare to be acquired in abundance. Also, through their recent acquisition of BayMedica, InMed now has capabilities in both yeast biosynthesis and chemical synthesis, catering to the large and growing health and wellness consumer markets.

The cannabis plant is made up of over 100 unique cannabinoids, many of which are only found in trace amounts. The initial focus of InMed is the therapeutic benefits of a cannabinoid named cannabinol (“CBN”), which may be helpful in numerous diseases that have a high unmet medical need. With CBN being found in such small amounts in the cannabis plant, InMed is developing IntegraSyn to help create the cannabinoid synthetically in the lab.

Currently, InMed has two drugs within its pipeline using CBN — INM-755 and INM-088. INM-755 is a topical compound with CBN to be used for the treatment of epidermolysis bullosa, a severe genetic skin disorder. INM-755 has already been evaluated in two phase I clinical trials, and recently commenced a global phase II study. INM-088 is an ocular CBN treatment for glaucoma. When applied directly to the eye, INM-088 has shown significant promise in reducing intraocular pressure and providing neuroprotection of the eye.

With so many of these cannabinoids exhibiting the potential to fulfill several unmet medical needs industry-wide, InMed is working on the answer to mass production of rare and otherwise depleted cannabinoid opportunities. Unlike tetrahydrocannabinol (“THC”) and cannabidiol (“CBD”), which are found in excess within the cannabis plant, the goal for InMed and its subsidiary BayMedica is to use various manufacturing approaches to produce the amounts of rare cannabinoids necessary to fulfill the outstanding medical need in the industry.

For more information, visit the company’s website at 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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