Full Press Release Details
InMed Pharmaceuticals Reports Third Quarter
Fiscal 2022 Financial Results and Provides Business Update
Vancouver, BC and South San Francisco, CA -
May 13, 2022 - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a leader in the
research, development, manufacturing and commercialization of rare cannabinoids, today announced financial results for the third quarter
of the fiscal year 2022 which ended March 31, 2022.
"The third quarter of fiscal 2022 saw noticeable
advancements across all of our programs, including commencing sales of the rare cannabinoids CBDV and CBT as raw ingredients for the health
and wellness industry," says Eric A. Adams, InMed President & CEO. "For the remainder of fiscal 2022, we will remain focused
on driving our commercial operations by expanding our product portfolio, increasing sales of our existing and new rare cannabinoids, exploring
new distribution channels and optimizing our product development and supply chain strategy. We continue to grow revenues and have established
a solid platform upon which to build as we commercialize additional high value products. We continue to focus on enhancing our sales and
marketing efforts to support increasing demand."
Commercial Activities
In January 2022, InMed announced that it
launched B2B sales of cannabicitran ("CBT") to wholesalers, suppliers and end-product manufacturers in the health and
wellness sector via its wholly-owned subsidiary, BayMedica LLC. Subsequent to the quarter end, the Company also commenced sales of the
rare cannabinoid cannabidivarin ("CBDV") in April, marking the third product in the Company's rare cannabinoid commercial
portfolio, which also includes cannabichromene ("CBC"). BayMedica has also begun commercial scale production of its delta-9
dominant tetrahydrocannabivarin ("THCV") in anticipation of commencing B2B sales. CBDV and THCV are highly anticipated, non-intoxicating
rare cannabinoids for which is there is growing interest.
Continuing to build out a robust product portfolio
is a strategic priority and the Company currently has several additional high-value rare cannabinoids in various stages of development
and commercial manufacturing scale-up.
By establishing a reliable supply of these rare
cannabinoids at commercial scale, innovative product manufacturers and consumer brands now have the ability to deliver improved and differentiated
products via product line extensions and formulations designed to increase the performance of their products.
In addition to sales of rare cannabinoids as raw
ingredients, the Company is also evaluating potential partners and co-development collaborations for novel product development. Formulated
cannabinoid products in different delivery forms can help to expand product development options for manufacturers of health and wellness
Also following the quarter's end, BayMedica
announced they will be supplying the rare cannabinoid THCV for incorporation into Trokie's proprietary product formulation. This
will then be evaluated in Radicle Science's "Radicle Energy" study on energy, focus/attention, appetite and weight/body
mass index ("BMI"). The study is being conducted to provide valuable third party validation to the use case of THCV. Advancing
the scientific research and education of rare cannabinoids is a key part of InMed's commitment to building the framework that supports
the Company's long-term commercial strategy.
To support our commercial efforts, in February
the Company appointed seasoned business executive, Jerry P. Griffin, as VP of Sales and Marketing. Mr. Griffin has a wealth of experience
across various markets and with numerous cannabinoid products, and a proven track record as a seasoned sales executive. He has held several
senior positions at both privately and publicly held companies including Fortune 500 companies as a strong strategic leader and has
the requisite experience to oversee the commercial ramp-up of B2B sales of rare cannabinoids products to the consumer health and wellness
Pharmaceutical Development Programs
INM-755 for the treatment of Epidermolysis
Enrollment and patient
treatment of the Company's Phase 2 clinical trial, 755-201-EB, of INM-755 (cannabinol) cream in the treatment of EB, commenced in
December of 2021 and is expected to complete during the calendar year 2022. An update on the progress of the EB program is expected in
The 755-201-EB study
is designed to enroll up to 20 patients. InMed is evaluating the safety of INM-755 (cannabinol) cream and its preliminary efficacy in
treating symptoms and wound healing over a 28-day treatment period. This study marks the first time cannabinol ("CBN") has
advanced to a Phase 2 clinical trial to be investigated as a therapeutic option to treat a disease.
INM-088 for the treatment of glaucoma
The Company recently completed a pre-Investigational
New Drug ("pIND") application discussion with the U.S. Food and Drug Administration ("FDA") regarding manufacturing,
preclinical studies and early clinical development plans for INM-088, a cannabinol ("CBN") formulation in development for
glaucoma. The Company has gained alignment with FDA on the design of the initial Phase 1-2 clinical trial to gather preliminary data on
the safety and efficacy of INM-088 treatment. The FDA has provided guidance for the development program based on a summary of the available
preclinical data, clinical safety data for CBN from the INM-755 program, study designs for additional IND-enabling preclinical studies,
and Chemistry Manufacturing and Controls ("CMC") information. Management expects to file regulatory applications in the first
half of the calendar year 2023, to initiate a human clinical trial.
The Company continues to advance its pre-clinical
research on CBN as a treatment for glaucoma. As referenced in a recent international journal, InMed's research demonstrates that
CBN was effective at providing neuroprotection to the retinal ganglion cells and reducing intraocular pressure in glaucoma models and
outperforming several other naturally occurring cannabinoids.
New Cannabinoid analogs
In April 2022, the Company announced the publication
of a patent application in North America for several cannabinoid analogs. This patent application has broad claims directed to their molecular
structure, uses and methods of manufacturing. The patent application covers technology that allows for the creation of libraries of new
chemical entities ("NCEs"), which the Company will screen in several in vitro and in vivo models to select therapeutic
candidates for advancement. Unlike natural cannabinoids isolated from the plant which are not patentable, these cannabinoid analogs are
patentable and may create potential value for the Company.
In addition, the Company also initiated a research
collaboration agreement with the Department of Biotechnological and Applied Clinical Sciences, University of L'Aquila (Italy) in
the laboratory of Dr. Mauro Maccarrone. Dr. Maccarrone's lab will be screening the Company's novel cannabinoid analogs to
investigate pharmacological properties and potential therapeutic uses.
Today the Company would like to announce that
Mr. Bryan Baldasare has joined the Board of Directors effective immediately.
Mr. Baldasare is a well-rounded biotech executive
with wealth of experience in finance and accounting, financial planning and analysis, treasury management, commercial operations and mergers
and acquisitions. Mr. Baldasare spent over 20 years at Meridian Bioscience, most recently as Chief Financial Officer where during his
tenure, grew its revenues by over 500%, developed and launched dozens of new products, expanded into a diversified global business with
15 sites in 10 countries. Mr. Baldasare is currently the CFO at Hilltop Companies, a leading supplier to the construction industry. Prior
to Meridian, Mr. Baldasare spent over 10 years in public accounting at Arthur Andersen LLP. Mr. Baldasare has a Bachelor's degree
in Business Administration from the University of Cincinnati.
As noted earlier, in February, the Company also
appointed Jerry Griffin as VP of Sales and Marketing.
Financial and Operational Highlights:
For the 9 months ended
March 31, 2022, the Company recorded a net loss of $10.7 million, or $0.81 per share, compared with a net loss of $6.9 million, or $1.11
per share, for the nine months ended March 31, 2021.
Research and development and patents expenses
increased by $2.2 million for the nine months ended March 31, 2022 compared to the nine months ended March 31, 2021. The increase in research
and development and patents expenses was primarily due to increased activities related to the INM-755 clinical trial and the addition
of $0.9 million in our BayMedica segment following the acquisition date.
The Company incurred general and administrative
expenses of $5.1 million for the nine months ended March 31, 2022 compared with $2.9 million for the nine months ended March 31, 2021.
The increase results primarily from the inclusion of BayMedica operating results following the acquisition date and combination of changes
including legal fees and investor relation expenses, personnel expenses, substantially higher insurance fees resulting from our listing
on the Nasdaq Capital Market. In addition, acquisition-related expenses, which were comprised of regulatory, financial advisory and legal
fees, totaled $0.2 million for the nine months ended March 31, 2022 and were included in general and administrative expenses in our InMed
At March 31, 2022, the Company's cash, cash