Full Press Release Details
InMed Provides Business Update and Milestones
Vancouver, BC - January 10, 2023 -
InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM), a leader in the pharmaceutical
research, development and manufacturing of rare cannabinoids and cannabinoid analogs, today outlines key accomplishments from 2022 and
provides business update and catalysts for 2023.
"Over the course of 2022, we strengthened
our position as a leader in rare cannabinoid R&D, creating a unique offering as the only company that has the breadth and depth in
cannabinoid drug research, development and significant manufacturing know-how. Despite the many economic pressures affecting businesses
on a global scale, including challenging capital markets, particularly in biotech, InMed was able to advance its programs and achieve
a number of key milestones. As we move forward into 2023, we are very encouraged by the strength of our pharmaceutical programs, with
several material milestones anticipated in the coming quarters," commented Eric A. Adams, InMed President and CEO.
Key accomplishments in 2022:
INM-755 in Epidermolysis Bullosa
INM-900 Series in Neurodegenerative diseases
Business update and upcoming milestones:
INM-755 - Phase 2 clinical trial in the treatment of Epidermolysis
To date, the Phase 2 clinical trial has enrolled
16 patients of its targeted 20 patients. Several additional prospective patients have been identified for screening at the clinical sites;
therefore, the Company decided to extend the enrollment period to the end of March 2023. The clinical trial is evaluating the safety of
INM-755 cannabinol cream and its preliminary efficacy in treating symptoms of itch, pain, and wound healing in patients with epidermolysis
bullosa. As the trial is double blinded, InMed will remain blinded to INM-755 treatment outcomes until the last patient has completed
treatment and the database is locked and analyzed.
INM-088 - Advancing towards human trials
The Company continues to conduct the required
preclinical work, including toxicology studies, and has planned several GLP studies in 2023 in advance of human clinical trials. Outcomes
from our pre-IND meeting with the FDA in 2022 provided important feedback on our proposed preclinical studies and for the design of human
clinical trials. Advancing to human trials in a disease indication with a very large patient population like glaucoma will be a significant
development for the Company. We are on track to begin this clinical trial in 2024.
INM-900 - Developing a new approach in neurodegenerative disease
Cannabinoids are known to be highly lipophilic
and can cross the blood brain barrier, making the non-psychedelic cannabinoids attractive pharmaceutical agents for targeting neurological
disorders. Our pipeline was expanded this year with the addition of our neurodegenerative disease program. With recent promising preclinical
data, InMed plans to expedite its INM-900 program for the potential treatment of neurodegenerative diseases such as Alzheimer's
Disease, Parkinson's Disease, and Huntington's Disease. Our research demonstrated the neuroprotective effects of specific
cannabinoid analogs and their potential to improve neuronal function. Two cannabinoid analogs are being assessed in in vivo models
of neurodegenerative disease. Our approach may target multiple novel disease pathways versus the majority of drugs currently in clinical
development for these diseases.
Novel cannabinoid analogs - protecting the R&D investment
InMed continues to develop a valuable library
of novel, proprietary cannabinoid analogs. These analogs are being selectively screened and developed for targeting specific disease outcomes,
safety profiles, and/or pharmacological properties such as improved delivery. In addition, these novel cannabinoid analogs are patentable,
increasing their commercial attractiveness for internal development or as licensing candidates to other drug development companies.
BayMedica commercial business
Our efforts in the first half of 2022 were primarily
focused on advancing the commercial side of the business following the acquisition of BayMedica in late 2021. Although BayMedica continues
to be a reliable source of rare cannabinoids, demand has not accelerated as quickly as anticipated for a variety of reasons. As we enter
2023, we will continue to evaluate strategic options and long-term supply agreements for this business segment. In 2022, BayMedica supplied
highly pure rare cannabinoids for use in Radicle Science, Inc.'s Radicle Energy rare cannabinoid study to assess the effects of
delta-9 THCV on energy, focus/attention, appetite and weight/body mass index (BMI). The study is part of Radicle Science's large-scale
evaluations of several rare cannabinoids, involving up to 10,000 participants in total. The consumer-driven trial is complete and results
are expected in the first half of 2023, providing much needed supportive data to demonstrate the effects of delta-9 THCV.
Business development
The Company continues to evaluate and pursue business
development opportunities which align strategically with the Company's current direction and pharmaceutical programs.
In light of current capital market challenges,
the Company's main priority is to continue to adequately resource the Company's activities while maintaining a healthy balance
sheet. With the completion of recent financings and depending on how we prioritize investment into our various development activities,
InMed has a projected cash runway into early 2024, allowing the Company to hit certain material milestones over the coming year which
we believe will increase shareholder value.
Management looks forward to updating shareholders
over the coming months.
InMed Pharmaceuticals is a global leader
in the research, development and manufacturing of rare cannabinoids, including clinical and preclinical programs targeting the treatment
of diseases with high unmet medical needs. We also have significant know-how in developing proprietary manufacturing approaches to produce
cannabinoids for various market sectors. For more information, visit www.inmedpharma.com.
Vice President, Investor Relations
and Corporate Communications
Cautionary Note Regarding Forward-Looking Information:
This news release 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: having a unique offering as the only company that has the
breadth and depth in cannabinoid drug research, development and significant manufacturing know; being very encouraged by the strength
of our pharmaceutical programs, with several material milestones anticipated in the coming quarters; research showing how specific cannabinoid
analogs may inhibit or slow disease progression; additional prospective patients have been identified for screening at the clinical sites;
extending the enrollment period to the end of March 2023; advancing preclinical toxicology and having several GLP studies planned for
2023 in advance of human clinical trials; being on track to begin this clinical trial in 2024; plans to expedite its INM-900 program for
the potential treatment of neurodegenerative diseases such as Alzheimer's Disease, Parkinson's Disease, and Huntington's
Disease; analogs being selectively screened and developed for targeting specific disease outcomes, safety profiles, and/or pharmacological
properties such as improved delivery; developing a valuable library of novel, proprietary cannabinoid analogs; commercial attractiveness
of analogs for internal development or as licensing candidates; evaluating strategic options and long-term supply agreements for the BayMedica
commercial segment; Radicle Science results expected in the first half of 2023; evaluating and pursuing business development opportunities
which align strategically with the Company's current direction and pharmaceutical programs; having projected cash runway into early
2024, depending on how we prioritize our investment into various development activities; belief that hitting certain material milestones
will increase shareholder value; all plans for our preclinical and clinical programs; being a global leader in the manufacturing and development
of rare cannabinoids and delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs.
All forward-looking information herein is qualified
in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information
or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results,
events or developments, except as required by law.