Inmed Pharmaceuticals Inc Stock Price, News & Analysis

InMed Pharmaceuticals (Nasdaq: INM) reported financial results for the fiscal year ending June 30, 2022, revealing a net loss of $18.6 million, up from $10.2 million the previous year. Research and development expenses rose to $7.3 million from $5.3 million, driven by increased clinical activities. The company has initiated a Phase 2 clinical trial for INM-755, targeting epidermolysis bullosa, with nine patients enrolled so far. Following a strategic realignment, InMed will focus on its pharmaceutical drug development while scaling back on its BayMedica subsidiary.

InMed Pharmaceuticals Inc. (Nasdaq: INM) will release its financial results for the fiscal year ending June 30, 2022, on September 23, 2022. The company specializes in rare cannabinoids and aims to address diseases with unmet medical needs through its clinical programs. A conference call and webcast will be held at 10:00 AM PT on the same day. Participants are encouraged to register in advance to receive dial-in details. Financial statements will be available on their official website and SEDAR.

InMed Pharmaceuticals announced the closing of a private placement of 691,245 common shares at $8.68 each, raising about $6 million. The funds will support pipeline development, enhance manufacturing capabilities, and bolster intellectual property efforts. Investors also received options to purchase up to 1,382,490 additional shares at $8.44 each, valid for seven years. This placement, arranged by H.C. Wainwright & Co., is exclusively for accredited investors under SEC regulations. The securities will not be offered in the U.S. until registered or exempt from registration.

On September 9, 2022, InMed Pharmaceuticals (Nasdaq: INM) announced a securities purchase agreement with institutional investors for the sale of 691,245 common shares at $8.68 per share, aiming to raise approximately $6 million. The offering is expected to close on or about September 13, 2022. The proceeds will fund pipeline development, manufacturing, and intellectual property initiatives. Additionally, the company will issue unregistered preferred investment options for up to 1,382,490 shares.

InMed Pharmaceuticals Inc. (Nasdaq: INM) announced updates on its research and development efforts, including plans to complete enrollment in a Phase 2 clinical trial for epidermolysis bullosa by year-end. Despite enthusiasm for its cannabinoid analog program following the BayMedica acquisition, market demand for BayMedica's products in the Health & Wellness sector has declined, leading to uncertainty in revenues and an expected non-cash impairment charge of approximately $3.5 million. The company plans to refocus on its pharmaceutical drug development, reducing its exposure to the H&W market.

InMed Pharmaceuticals Inc. (Nasdaq: INM) announced a consolidation of its share capital, reducing the number of outstanding shares from approximately 18 million to 720,597 on a 1-for-25 basis. This move aims to regain compliance with Nasdaq's continued listing requirements. The consolidation will not change the ownership percentage for shareholders. Trading of the post-consolidation shares will commence on September 7, 2022, with the trading symbol 'INM' and a new CUSIP number. Registered shareholders will receive instructions via mail, and no fractional shares will be issued.

InMed Pharmaceuticals (Nasdaq: INM) has appointed Nicole Lemerond to its Board of Directors, enhancing its financial and healthcare expertise. Lemerond, a seasoned financial executive with over 25 years of experience, takes over from Adam Cutler, who stepped down after serving since 2015. The transition aims to bolster InMed's strategic initiatives as it continues to lead in the research and commercialization of rare cannabinoids. This change is expected to strengthen management and contribute to value creation for stakeholders.

InMed Pharmaceuticals (Nasdaq: INM) announced key developments in its Phase 2 clinical trial for INM-755 cannabinol cream targeting epidermolysis bullosa (EB). The trial has expanded to include adolescents aged 12-17 after safety data review, with the first adolescent patient successfully enrolled and treated. Additionally, a patent for CBN's use in EB treatment has been granted in Japan, enhancing InMed's intellectual property portfolio. Currently, eight clinical trial sites across Europe are activated, with two more expected soon, aiming for 20 enrolled patients by the end of 2022.

InMed Pharmaceuticals Inc. (Nasdaq: INM) has appointed Michael Woudenberg as the new Chief Operating Officer, effective immediately. Woudenberg, who previously served as Senior Vice President of Chemistry, Manufacturing and Controls, has significant experience in drug development and manufacturing. His promotion is expected to strengthen operational leadership as InMed pursues its strategic growth in rare cannabinoid therapeutics. Eric A. Adams, the company's President and CEO, endorsed the decision, highlighting Woudenberg's integral role within the organization over the past four years.