InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing and clinical development of rare cannabinoids, has reported its financial results for the first quarter of fiscal year 2023, ended Sept. 30, 2022. Highlights of the report included updates on the company’s pharmaceutical development programs, including INM-755 for the treatment of epidermolysis bullosa (“EB”) and INM-088 for the treatment of glaucoma. According to the report, enrollment and patient treatment in the company’s phase 2 clinical trial for INM-755 should be complete by the end of the year while the company continues to conduct key preclinical work including toxicology and GLP studies in advance of human clinical trials for INM-088. InMed is advancing discovery work to identify an appropriate compound for its preclinical development program targeting treatment for neurodegenerative disorders such as Alzheimer’s disease, Parkinson’s disease and Huntington’s disease.
In addition, its BayMedica commercial activities have remained steady throughout the quarter. Numbers for the quarter indicate a net loss of $3.5 million, or $4.06 per share, for the quarter, compared with a net loss of $3 million for the three months ended Sept. 30, 2021. R&D costs totaled $1.4 million, down slightly from the same period last year. General and administrative expenses reached $1.6 million for the quarter, with $0.3 million in sales from the BayMedica segment. The company’s cash, cash equivalents and short-term investments totaled $9.4 million at the end of the quarter. “In the first quarter of our new fiscal year, we continue to strengthen our pharmaceutical pipeline in dermatology, ocular and neurodegenerative diseases, as well as continue to screen our library of proprietary analogs for additional therapeutic candidates,” said InMed Pharmaceuticals CEO Eric A. Adams in the press release. “Throughout the remainder of the year and into calendar year 2023, we have many milestones to look forward to in our clinical and preclinical programs, including the completion of our Phase 2 clinical trial in epidermolysis bullosa as well as advancing our glaucoma program towards human trials.”
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals 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. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, please visit www.InMedPharma.com and www.BayMedica.com.
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