INM

InMed Pharmaceuticals is a publicly traded clinical-stage company that trades on the Nasdaq under the symbol INM. InMed is 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.

In parallel to InMed’s therapeutic development programs in skin and ocular diseases, InMed is developing a cannabinoid synthesis manufacturing system called IntegraSyn^TM to produce cost-effective, pharmaceutical-grade, bio-identical cannabinoids. 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.

InMed’s has discovered 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 for the treatment of epidermolysis bullosa (“EB”), which is a severe genetic skin disorder. InMed has filed Clinical Trial Applications in several countries as part of a global Phase 2 clinical trial of INM-755 (cannabinol) cream in EB. According to various analyst reports, 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 June 29th, InMed announced on that it had entered into a non-binding letter of intent to acquire BayMedica Inc., a private company based in Nevada and California that specializes in the manufacture and commercialization of rare cannabinoids. InMed management believes that BayMedica will prove to be an accretive acquisition of a leading rare cannabinoid manufacturer utilizing proprietary manufacturing techniques to provide rare cannabinoids for specialty consumer products. 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. Once complete, the complementary business models and capabilities are believed to provide the flexibility of multiple processes for the manufacturing of rare cannabinoids for both the pharmaceutical and consumer-focused Health and Wellness markets. In addition to their manufacturing and commercial activities in the health and wellness arena, BayMedica is researching cannabinoid analogs as potential drug candidates for pharmaceutical purposes. Those BayMedica proprietary compounds are based upon the structures of naturally-occurring cannabinoids and are designed to either augment the potential therapeutic effect against specific diseases or enhance product safety, or both. For more information, visit www.baymedica.com.

On July 2nd, InMed Pharmaceuticals Inc. (Nasdaq: INM), a clinical-stage company developing cannabinoid-based pharmaceutical drug candidates as well as manufacturing technologies for pharmaceutical-grade rare cannabinoids, 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.

InMed also published a new powerpoint this week that has addition details about the LOI and the recent financing and you can view it by visiting this link.