InMed Pharmaceuticals (INM): Progress Across the Business

Rhea-AI Summary

InMed Pharmaceuticals announced significant developments following the acquisition of BayMedica, marking its transition into a commercial stage. The company is now selling cannabichromene (CBC) in bulk and has initiated the Phase II trial of INM-755 involving up to 20 patients with epidermolysis bullosa. Despite a slight adjustment in valuation to US$290 million per share dropping to US$20.53, this reflects an increase in outstanding shares. InMed's cash and marketable securities stood at US$15.4 million as of September 30, 2021, with an expected US$11 million to be raised in FY23.

Positive

• Transition into commercial stage post-BayMedica acquisition.
• Initiation of INM-755 Phase II trial in epidermolysis bullosa patients.
• Selling cannabichromene (CBC) in bulk.

Negative

• Valuation adjustment to US$290 million from US$293 million due to higher shares outstanding.
• Decline in net cash to US$15.4 million as of September 30, 2021.

LONDON, UK / ACCESSWIRE / November 17, 2021 / With the recent closing of the BayMedica acquisition, InMed now has a substantially different profile than just a few months ago. The company is now in its commercial stage as BayMedica has been selling cannabichromene (CBC) in bulk. InMed has also advanced past the healthy volunteer stage in the INM-755 clinical program through the initiation of the INM-755 Phase II trial (755-201-EB) in up to 20 epidermolysis bullosa (EB) patients.

We have adjusted our valuation to US$290m or US$20.53 per basic share, from US$293m or US$24.24 per basic share. This is mainly due to a higher number of shares outstanding following the share issuance as a result of the closure of the BayMedica acquisition. In addition, there was a decline in net cash. InMed had US$15.4m in cash and marketable securities at 30 September 2021. We currently model an additional US$11m being raised in FY23, though the exact funding requirement will depend on the expense level for the combined companies. We will update our financial model once BayMedica financials are included in regulatory filings, which is likely to occur with the next quarterly report.

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FAQ

What is the latest update on InMed Pharmaceuticals (INM) following the BayMedica acquisition?

InMed Pharmaceuticals has transitioned into a commercial stage, now selling cannabichromene (CBC) and has begun Phase II trials for INM-755.

What is the current valuation of InMed Pharmaceuticals (INM)?

The current valuation is adjusted to US$290 million, translating to US$20.53 per basic share.

How much cash does InMed Pharmaceuticals (INM) have as of September 30, 2021?

InMed has US$15.4 million in cash and marketable securities.

What clinical trial is InMed Pharmaceuticals (INM) currently undertaking?

InMed is conducting a Phase II trial of INM-755 for epidermolysis bullosa patients.

What are the future funding expectations for InMed Pharmaceuticals (INM)?

InMed anticipates raising an additional US$11 million in FY23, dependent on combined company expenses.