INM

InMed Pharmaceuticals (“InMed”) is a publicly traded company on the Nasdaq that trades under the symbol INM. InMed is a global leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. They also have significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors.  InMed pharmaceutical programs include a Phase 2 clinical trial studying the safety and efficacy of cannabinol (CBN) cream for epidermolysis bullosa and preclinical programs in glaucoma and neurodegenerative disease.InMed’s rare cannabinoids are being applied across a spectrum of uses – from pharmaceutical development to wholesale sales to the consumer health and wellness sector. In addition,  a wholly owned subsidiary of InMed, BayMedica, produces highly pure rare cannabinoids d9-THCV, CBC, CBDV and CBT for the consumer health and wellness industry.

View InMed’s latest powerpoint presentation here.

On June 1, InMed announced that results from a neurodegenerative disease study was presented in a scientific poster at the Canadian Neuroscience Meeting in Montreal from May 28-31, 2023. The InMed sponsored research, entitled “Cannabinoids modulate cytotoxicity and neuritogenesis in Amyloid-beta-treated neuronal cells”, demonstrated the ability of a specific rare cannabinoid (“pCBx”) in InMed’s 900 Series library of potential candidates that reduces amyloid toxicity and tau protein expression while enhancing neuronal cell growth and neuritogenesis markers in vitro, all considered to be important targets in the potential treatment of neurodegenerative diseases such as Alzheimer’s. The research was conducted in the laboratory of Dr. Ujendra Kumar and Dr. Rishi Somvanshi of the faculty of Pharmaceutical Sciences at the University of British Columbia. Studies have shown that cannabinoids, via their endocannabinoid receptors (CB1R and CB2R) that naturally occur in the human body and brain, reduce amyloid-beta (“Aβ”) toxicity, decrease p-tau protein expression and provide neurite outgrowth, thus improving neuronal viability and function. The results presented demonstrate the anti-apoptotic effects of pCBx and its role in neuritogenesis in the cells of neuronal origin and support the role of pCBx as a potential therapeutic intervention in neurodegenerative diseases.

On May 15, InMed announced financial results for the third quarter of the fiscal year 2023 (“FY 3Q23”) which ended March 31, 2023. InMed confirmed cash, cash equivalents and short-term investments were $9.6 million, which compares to $6.2 million at June 30, 2022. InMed highlighted that the Company Completed enrollment in Phase 2 Clinical Trial; data readout expected during calendar 3Q 2023, 120% quarter-over-quarter revenue growth in the commercial BayMedica subsidiary, & that they Published a peer-reviewed study showing the anti-inflammatory potential of rare cannabinoids. Eric A. Adams, President and CEO of InMed stated, “The third quarter of fiscal year 2023 was an important period for InMed, as we achieved several key milestones across our different business segments, including completing enrollment in our Phase 2 clinical trial for epidermolysis bullosa, marking the first time cannabinol (“CBN”) has completed a Phase 2 clinical trial. We look forward to the data read out during 3Q and will then be in a better position to evaluate our strategic opportunities for the program. We are increasingly excited about the data we are seeing in our preclinical ocular and neurodegenerative disease programs where we are researching proprietary cannabinoid analogs in the treatment of various indications. We also hit another significant milestone in our commercial BayMedica subsidiary, surpassing $1M in quarterly revenues for the first time from the sales of rare cannabinoids to the Health and Wellness (“H&W”) sector, representing a 120% increase over 2Q sales. In the last few months we have seen a noticeable increase in awareness, understanding and adoption of rare cannabinoids in the H&W sector, evidenced by leading companies expanding their product lines to include new formats and formulations using rare cannabinoids such as the non-psychoactive ingredient cannabichromene (“CBC”). We are encouraged by two consecutive periods of significant quarter over quarter revenue growth. We will continue to support growth in a fiscally prudent manner in this relatively nascent market, where product demand can be unpredictable. The combination of a pharmaceutical drug development pipeline, together with a revenue generating commercial operation that will be contributing to extending our cash runway makes InMed a unique company within the rare cannabinoid space.” Learn more here.

On March 13, InMed announced that a peer-reviewed scientific study entitled “Rare phytocannabinoids exert anti-inflammatory effects on human keratinocytes via the endocannabinoid system and MAPK signalling pathway” has been published in the International Journal of Molecular Sciences. This is the second such Company-sponsored study to demonstrate the anti-inflammatory effects of rare cannabinoids and their potential application for the treatment of skin conditions such as atopic dermatitis, psoriasis, pruritus, and acne. The study, conducted in collaboration with Dr. Mauro Maccarrone at the Università degli Studi dell’Aquila, investigates the anti-inflammatory effects of the rare cannabinoids, cannabichromene (CBC), Δ9-tetrahydrocannabivarin (THCV), cannabigerol (CBG) and cannabigerolic acid (CBGA) on inflamed human keratinocytes (HaCaT cells) and elucidates the potential mechanism of action associated with these compounds in the skin.