InMed Pharmaceuticals Inc. Common Shares - INM STOCK NEWS

InMed Pharmaceuticals reported a robust financial position with $11.5 million in cash as of December 31, 2022, reflecting a year-over-year increase. The company is nearing the enrollment completion of its Phase 2 clinical trial for Epidermolysis Bullosa, targeting 20 patients. Revenue from its BayMedica segment surged to $0.8 million, a 198% increase compared to the previous fiscal year, driven by enhanced marketing efforts. The net loss for the six months ending December 31, 2022, was reduced to $5.6 million from $7.3 million in the same period last year, indicating improved operational efficiency. InMed aims to leverage its strong cash reserves to achieve critical milestones in 2023.

InMed Pharmaceuticals, a leader in cannabinoid research, has submitted a Form 12b-25 to the SEC regarding delays in filing its financial statements for the period ended December 31, 2022. The delay stems from a change in auditors. The company expects to complete the necessary filings within the five-day extension period. Additionally, InMed has applied for a temporary management cease trade order (MCTO) in British Columbia to prohibit trading by its CEO and CFO until disclosures are filed. The MCTO, if approved, will allow public trading to continue.

InMed Pharmaceuticals Inc. (Nasdaq: INM) reported significant advancements in its clinical and research programs during 2022, strengthening its position in rare cannabinoid R&D. Notable achievements include the initiation of Phase 2 trials for INM-755 in Epidermolysis Bullosa, with 16 out of the targeted 20 patients enrolled. The company is also progressing towards human trials for INM-088 in glaucoma and has launched a neurodegenerative disease program. Financially, InMed raised over $16 million to support these initiatives. Upcoming milestones include completing the enrollment for INM-755 and advancing INM-088 towards human trials in 2024.

On December 15, 2022, InMed Pharmaceuticals announced that all resolutions presented at its annual general meeting of shareholders were approved. Key points include the election of all director nominees, with voting percentages for each ranging from 94.34% to 96.70%. Directors elected include Eric A. Adams, Andrew Hull, Janet Grove, Bryan Baldasare, and Nicole Lemerond. The results were filed on SEDAR. InMed is recognized for its work in developing rare cannabinoids and cannabinoid analogs for unmet medical needs.

InMed Pharmaceuticals (Nasdaq: INM) has appointed Jonathan Tegge from Brio Financial Group as Interim CFO, effective December 12, 2022, under a new service contract. This follows the resignation of the Company's auditor, KPMG, on December 8, 2022, with Marcum LLP proposed as the new auditor, pending approval at the Annual General Meeting on December 15, 2022. InMed emphasizes enhanced financial transparency with Marcum's appointment, reinforcing their focus on mid-sized companies.

InMed Pharmaceuticals has entered a securities purchase agreement to sell 1,818,185 common shares at $3.30 each, aiming for approximately $6 million in gross proceeds. The offering, with expected closure on November 21, 2022, will include unregistered preferred investment options for up to 3,272,733 additional shares. The net proceeds will support pipeline development of drug candidates and enhance manufacturing and intellectual property efforts. H.C. Wainwright & Co. is the exclusive placement agent for this transaction.

InMed Pharmaceuticals Inc. (Nasdaq: INM) announces the promotion of Sarah Li to Vice President of Accounting and Controller, effective immediately. This change follows the transition of Brenda Edwards, who will step down as interim Chief Financial Officer on November 20, 2022, after serving since March 2022. Eric A. Adams, CEO of InMed, praised Ms. Li's contributions while thanking Ms. Edwards for her service.

The company is also in talks to finalize the engagement of interim financial leadership consulting services to support ongoing financial operations.

InMed Pharmaceuticals has launched its neurodegenerative disease program, focusing on the effects of cannabinoid analogs on Alzheimer’s, Huntington’s, and Parkinson’s diseases. The company has identified two lead cannabinoid analog compounds for further in vivo studies and expects early preclinical efficacy results by Q2 2023. Funding from an NSERC grant will support collaborative research with the University of British Columbia, enhancing the potential therapeutic effects of these compounds. InMed aims to patent these cannabinoid analogs to secure their long-term research and commercial opportunities.

InMed Pharmaceuticals reported a net loss of $3.5 million for Q1 FY2023, with a loss per share of $4.06, which is an increase from a $3.0 million loss and $6.17 per share a year earlier. Sales from BayMedica reached $0.3 million following its acquisition. The Phase 2 clinical trial for INM-755 for Epidermolysis Bullosa is ongoing, while preclinical studies for INM-088 for glaucoma align with FDA guidelines. Cash equivalents increased to $9.4 million from $6.2 million. A $0.6 million inventory write-down was recorded due to lower demand expectations.