The Company's condensed financial statements and related MD&A for the first quarter of fiscal year 2023, ended
Business Update
Pharmaceutical Development Programs
INM-755 for the treatment of Epidermolysis Bullosa ('EB')
Enrollment and patient treatment in the Company's Phase 2 clinical trial, 755-201-EB, has continued through the first quarter and is expected to complete during calendar year 2022.
InMed's Phase 2 clinical trial now has all 11 clinical trial sites fully activated to screen and enroll patients. The clinical trial is taking place in seven countries (
InMed is evaluating the safety of INM-755 (cannabinol) cream and its preliminary efficacy in treating symptoms and wound healing in persons with EB over a 28-day treatment period. This study marks the first time cannabinol ('CBN') has advanced to a Phase 2 clinical trial to be investigated as a therapeutic option to treat a disease.
INM-088 for the treatment of glaucoma
The Company continues to do necessary preclinical work including toxicology and GLP studies in advance of human clinical trials.
Earlier in the year, the Company completed a pre-Investigational New Drug ('pIND') application discussion with the
InMed data suggest CBN is the cannabinoid of choice for neuroprotection and lowering intraocular pressure in glaucoma and potentially other ocular diseases.
New cannabinoid analogs for the treatment of neurodegenerative diseases
The Company continues to advance discovery work to identify an appropriate compound for a preclinical development program for treating neurodegenerative disorders such as Alzheimer's disease, Parkinson's disease and Huntington's disease.
The Company remains focused on the generation of proprietary cannabinoid analogs to support its pharmaceutical drug development programs. As these novel cannabinoid analogs are patentable, they protect the long-term research investment and commercial opportunities.
BayMedica commercial activities
BayMedica commercial activities remain steady as the Company continues to work through existing inventories as a B2B supplier of rare cannabinoids to the health and wellness market. The Company continues to explore potential opportunities for structured supply agreements, commercial collaborations and review other strategic alternatives for the commercial aspect of its business.
Financial and Operational Highlights:
For the three months ended
Research and development expenses were
The Company incurred general and administrative expenses of
The Company realized sales of
At
As a result of the decision to de-emphasize the commercial business due to lower demand outlook and downward pricing pressure, the Company incurred a write-down of inventories to net realizable value of
At
About InMed:
Contact:
Tel: +1.604.416.0999
Email: cclancy@inmedpharma.com
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: continuing to strengthen the pharmaceutical pipeline in dermatology, ocular and neurodegenerative diseases; continuing to screen a library of proprietary analogs for additional therapeutic candidates; expecting many milestones in the clinical and preclinical programs; evaluating the safety of INM-755 (cannabinol) cream and its preliminary efficacy in treating symptoms; the completion of Phase 2 clinical trial in epidermolysis bullosa during calendar year 2022; advancing the glaucoma program towards human trials; CBN being the cannabinoid of choice for neuroprotection and lowering intraocular pressure in glaucoma and potentially other ocular diseases; advancing discovery work to identify an appropriate compound for a preclinical development program for treating neurodegenerative disorders such as Alzheimer's disease, Parkinson's disease and Huntington's disease; the generation of proprietary cannabinoid analogs to support the Company's pharmaceutical drug development programs; BayMedica exploring potential opportunities for structured supply agreements, commercial collaborations and review other strategic alternatives for the commercial aspect of its business; the Company's current cash reserves are estimated to last into the second half of fiscal 2023, and possibly into the first quarter of fiscal 2024. With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K and other filings with the
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
(C) 2022 Electronic News Publishing, source