Full Press Release Details
Issues Annual Letter to Shareholders Highlighting Key Accomplishments
from 2021 and Providing 2022 Outlook
BC - January 5, 2022 - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM),
a leader in the development, manufacturing and commercialization of rare cannabinoids, today issued the following letter from President
and CEO Eric A. Adams.
Shareholders, Colleagues, and Business Partners,
like to start off by sending you warm wishes for a healthy and prosperous 2022. While another wave of the COVID-19 pandemic continues
to bring global uncertainty and an ever-evolving business environment, we remain true to our fundamental principles of bringing short-
and long-term value to our shareholders.
2021, we witnessed a rapid increase in awareness and interest in rare cannabinoids. We strongly believe that the therapeutic potential
of this class of compounds is extensive and largely untapped. Both the pharmaceutical and consumer health and wellness sectors are reaching
an inflection point, and InMed's early entry in the development of rare cannabinoids positions us to be a leading developer and
supplier to these markets.
on a very strong 2021, we are looking forward to 2022 with the continued advancement of our pharmaceutical drug development programs
and, with our acquisition of BayMedica, transitioning to becoming a leading B2B supplier of rare cannabinoids to the consumer health
and wellness sector.
very excited to provide updates on our progress as we begin to commercialize new products and explore an array of rare cannabinoids for
their potential therapeutic applications.
of BayMedica, Creating a Leader in Rare Cannabinoid Manufacturing
acquisition of BayMedica in October 2021 brings InMed tremendous commercial opportunities and we believe has positioned the Company as
a clear leader in rare cannabinoid manufacturing. This combination of companies is an excellent match - bringing together synergistic
programs and expertise that will accelerate and strengthen the combined cannabinoid programs. The acquisition of BayMedica sets the stage
for a number of key business initiatives:
acquisition was a natural fit. The combination of our pharma-grade manufacturing process, IntegraSyn , and BayMedica's revenue-generating,
consumer-focused processes that may also be suitable as a basis for pharmaceutical applications, create a strong platform for significant
growth in the cannabinoid manufacturing space.
team brings extensive expertise that strengthens both our pharmaceutical drug development efforts and our continued exploration of rare
cannabinoids. In addition to growing BayMedica's commercial activities, we continue to focus on the research and development of
cannabinoid analogs and new chemical entities for pharmaceutical purposes.
Maximizing Production Yield
continue to make significant strides with our IntegraSyn program and hit several milestones throughout 2021. In June, we announced
that IntegraSyn was capable of producing an industry-leading yield of 5 g/L. This significantly reduces the cost of the manufacturing
process, which will enable more efficient large-scale production.
goal is to optimize this platform for large-scale, pharmaceutical-grade Good Manufacturing Practice ("GMP") production of
rare cannabinoids, with the potential to integrate with BayMedica's biosynthesis or chemical synthesis manufacturing approaches.
With these diverse technologies, we have a breadth of synthetic cannabinoid manufacturing capabilities to deliver high-quality, cost-effective
rare cannabinoids for any segment of the market from consumer packaged goods to prescription pharmaceuticals.
Our Pharmaceutical Programs
pharmaceutical drug development programs are integral to our business. The FDA approval pathway takes significant time and investment
but, if successful, the outcome can be very rewarding - not only for the lives of those whom we may impact, but also for the potential
value creation for our shareholders.
library of novel cannabinoid analogs developed by BayMedica gives our pharmaceutical program added strength. We are one of only a few
companies to advance a rare cannabinoid into clinical trials. Access to BayMedica's library of proprietary rare cannabinoids, coupled
with our cannabinoid clinical experience, positions us to lead the industry in the clinical development of rare cannabinoids.
Program for the Treatment of Epidermolysis Bullosa ("EB"): Phase 2 Trial Initiated
made great strides with our INM-755 program over the past year. Our top-line results from our second Phase 1 clinical study, indicating
that INM-755 was safe and well-tolerated on induced open epidermal wounds, causing no serious adverse effects, set the groundwork to
move forward to a Phase 2 efficacy trial, which we initiated in September of 2021. This marks the first time cannabinol (CBN) has advanced
into a Phase 2 clinical trial to be studied as a therapeutic option to treat a disease, a key milestone as we continued to explore the
therapeutic benefits of this class of compounds. The Phase 2 study will be enrolling and treating EB patients at thirteen targeted sites
across multiple countries throughout 2022.
Program for the Treatment of Glaucoma: Potential Blockbuster
2021, we continued to advance INM-088 towards human clinical trials for glaucoma.
team conducted important preclinical studies that validated the use of cannabinol (CBN) for glaucoma. Our studies show that CBN has the
potential to be an effective neuroprotective agent for the retina ganglion cells and to reduce intraocular pressure in preclinical glaucoma
preclinical studies were recently published in a leading international journal. In this peer-reviewed scientific article, entitled "Cannabinol
Modulates Neuroprotection and Intraocular Pressure: A Potential Multi-Target Therapeutic Intervention for Glaucoma", the study
results demonstrated that CBN has strong potential as a glaucoma treatment and was more effective than CBD and THC in these studies.
This peer-reviewed research is a significant milestone for our glaucoma program, providing important external validation and highlighting
the importance of finding a new treatment for this damaging eye disease that affects approximately 80 million people worldwide.
addition, we have completed several dose-ranging studies and conducted topline clinical study design work with a leading clinical research
organization. Key next steps for this program include seeking regulatory authority input into our proposed preclinical data package and
preliminary clinical trial designs.
New Research into the Use of a Rare Cannabinoid for Neurodegenerative Diseases
have been exploring the use of a rare cannabinoid as a potential treatment option for neurodegenerative diseases. Our research indicated
that a rare cannabinoid may inhibit or slow the progression of neurodegenerative diseases by providing neuroprotection and improving
neuronal function. In October, InMed filed an international patent application for the use of this rare cannabinoid as a potential treatment
of neurodegenerative diseases such as Alzheimer's Disease, Parkinson's Disease, Huntington's Disease and others.
calendar 2021, we successfully completed two financings to fund operations, including the acquisition of BayMedica, launching InMed as
a revenue-generating company.
of September 30th, 2021, our cash, cash equivalents, and short-term investments stood at $15.4 million, significantly up from $6.1 million
at September 30th, 2020, providing us with the financial flexibility to pursue our programs.
Ahead: Revenue Growth and Product Launches in 2022
the acquisition of BayMedica, our primary and immediate focus is completing the integration of the two companies and expediting commercial
activities. We look forward to launching several new non-intoxicating rare cannabinoids in early 2022, including CBDV and THCV, two high
demand products in the consumer health and wellness sector, and envisage significant revenue growth over the coming quarters. Our unparalleled
capabilities and expertise in cannabinoid manufacturing positions us as a leader in this burgeoning segment of the industry and sets
us apart from our competitors.
will also continue to advance our pharmaceutical programs, providing a unique value proposition that combines the long-term value potential
of pharmaceutical drug development with the immediate B2B commercial opportunity within the health and wellness sector.
join us for a webinar tomorrow, on January 6, where InMed's management team will address the increasing demand for rare cannabinoids
and discuss the Company's plans for 2022. To register to join the complimentary, ZOOM webinar-based event, please visit Tribe Public
LLC at INM22.TribePublic.com. The Event is scheduled to begin at 8am Pacific/11am Eastern on January 6, 2022.
I would like to express my ongoing gratitude to our dedicated team at InMed as well as to our industry partners and collaborators. Their
diligent commitment and effort, navigating through the ongoing work and social restrictions of this past year, is a testament to their
steadfast dedication. I would also like to thank you, our committed shareholders, for your continued support and engagement throughout
InMed's journey. The entire InMed team is delighted to have you onboard, and we would like to extend our best wishes for a safe
and prosperous 2022.
InMed: InMed Pharmaceuticals is a global leader in the development, manufacturing and commercialization of rare cannabinoids. Together
with its subsidiary, BayMedica LLC, the Company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer
markets, including pharmaceutical and health and wellness. InMed is a clinical-stage company developing a pipeline of rare cannabinoid
therapeutics and dedicated to delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical
drugs. For more information, visit www.inmedpharma.com and www.baymedica.com.
Director, Investor Relations
Note Regarding Forward-Looking Information:
letter 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: that the therapeutic potential