INM

InMed Pharmaceuticals (“InMed”) is a publicly traded company on the Nasdaq that trades under the symbol INM.

InMed Pharmaceuticals is a global leader in the development, manufacturing and commercialization of rare cannabinoids for Pharmaceutical Industry and the Consumer Health & Wellness Industry. InMed is developing a cannabinoid synthesis manufacturing system called IntegraSyn^TM to produce cost-effective, pharmaceutical-grade, bio-identical cannabinoids as plant extraction is not feasible to meet long-term pharmaceutical demand of cannabinoid therapeutics, particularly rare cannabinoids. InMed products are designed to be bio-identical to the naturally occurring cannabinoids and the process envisioned to offer cost and time savings, and superior ease, control and quality of manufacturing when compared to alternative methods. InMed’s continued optimization of IntegraSyn™ has increased the cannabinoid yield to a level of 5 g/L, further improving the economics of this proprietary manufacturing approach in advance of large-scale production. InMed’s cannabinoid yield of 5 g/L significantly exceeds currently reported industry yields. 

Recently, InMed acquired BayMedica, which has created an efficient, patent-pending, biological factory by taking the blueprints for cannabinoid biosynthesis from the cannabis plant and engineering it into ultra-efficient brewer’s yeast and  specializes in the manufacture and commercialization of rare cannabinoids. BayMedica utilizes its expertise in synthetic chemistry to complement its biosynthesis platform. BayMedica’s platform has already shown that at scale its cannabinoids have both quality and cost advantages over cannabinoids produced via legacy agriculture.

Now that these two processes are owned by InMed, they now offer unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. In addition, InMed represents that BayMedica is a revenue generating, industry leading large-scale commercial producer of CBC (cannabichromene) for B2B customers with current batch sizes in excess of 200kg; scalable to metric tonnes. BayMedica also is believed to have an extensive, expanding patent portfolio in cannabinoid manufacturing and novel cannabinoid analogs and is poised to commercialize several additional high-margin compounds for the Health and Wellness market.   

InMed is also developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic benefits of cannabinol (CBN), in diseases with high unmet medical need. The Company is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. InMed employs a highly scientific approach to designing and developing medicines, which will help unlock the full potential of cannabinoid pharmaceuticals. InMed employs a highly scientific approach with a proven management team with a track record of success to designing and developing medicines, which will help unlock the full potential of cannabinoid pharmaceuticals. 

While the most prevalent cannabinoids, tetrahydrocannabinol (THC) and cannabidiol (CBD), are widely used for a variety of reasons, evidence suggests there may be greater therapeutic potential in rare cannabinoids that are found in very small traces in the Cannabis plant.  Cannabinol, a rare cannabinoid, is the active pharmaceutical ingredient (API) in InMed’s two lead programs for dermatological and ocular diseases.

InMed’s is developing a diverse pipeline of drug candidates across a spectrum of diseases with high unmet medical needs, which are currently at various stages of clinical and preclinical development:

• INM-755, their lead product, is under development in a Phase 2 Clinical Trial for the treatment of epidermolysis bullosa (“EB”), which is a severe genetic skin disorder.  According to various sources, it is believed that there are an estimated 50,000 EB patients in North America, Europe and Japan;

• INM-088 is their product in preclinical development for the treatment of glaucoma, the second leading cause of blindness in the developed world. InMed data suggest CBN is the cannabinoid of choice for neuroprotection in the eye. The global glaucoma market is estimated to reach US$B by 2027 with an estimated 76m people affected by the condition worldwide.

On July 2nd, InMed improved its cash position as it announced that it has closed the previously announced private placement with an institutional investor. After deducting the placement agent fees and estimated offering expenses payable by the Company, the Company received net proceeds of approximately US$11 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement. Under the terms of the private placement, an aggregate of 4,036,327 common shares (or common share equivalents in lieu thereof) and warrants to purchase up to an aggregate of 4,036,327 common shares were purchased, at an effective purchase price of US$2.973 per common share (or common stock equivalent in lieu thereof) and associated warrant. The warrants have an exercise price of US$2.848 per share, are exercisable immediately and have a term of five years.  InMed intends to use the net proceeds from the offering to continue pipeline development, advance business development activities and for general working capital purposes. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. As part of the transaction, InMed has agreed to file a registration statement with the Securities and Exchange Commission within ten business days of the date of the securities purchase agreement to register the common shares and the common shares issuable upon exercise of the warrants issued in the private placement.

Additional details about InMed’s can be reviewed with their powerpoint at this link.