InMed Pharmaceuticals (NASDAQ: INM), a clinical-stage pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates, is reporting on its financial and business results for the third quarter of 2024, the period that ended March 31, 2024. Business highlights included the announcement of preclinical data supporting both the company’s INM-901 and INM-089 programs; the continued development of its ALZ program, with long-term behavioral and mechanism of action/receptor interaction studies underway; and the announcement of Dr. David G. Morgan, a leader in neurodegenerative disease, to the company’s scientific advisory board. The report also noted that BayMedica is operating as a profitable business unit with revenues totaling $3.3 million for the reported period. Notable financial numbers for the company included net loss of $5.7 million for the quarter ended March 31, 2024; R&D and patents expenses totaling $2.6 million; and cash, cash equivalents and short-term investments coming in at $7.6 million. “The third quarter of fiscal year 2024 was another positive quarter for the company as we continue to make exciting progress in our pharmaceutical pipeline and deliver steady growth in our commercial business,” said InMed Pharmaceuticals president and CEO Eric. A. Adams in the press release. “Last month we announced important updates in our two preclinical programs in the treatment of Alzheimer’s disease (‘ALZ’) and dry Age-Related Macular Degeneration (‘AMD’). Both programs utilize proprietary small molecule drug candidates activating both the CB1/CB2 receptors as well as other disease-relevant receptors. We are highly encouraged by the positive findings, and we are committed to further advancing our research in these two highly underserved indications. Revenues from the BayMedica commercial business remain consistent with the previous quarter, and BayMedica operated as a profitable commercial business unit in the current quarter. We remain optimistic for the sector as more brands start to incorporate rare cannabinoids into their product portfolios.”
To view the full press release, visit https://cnw.fm/1HqRN
About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a clinical-stage pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. Together with its subsidiary BayMedica, the company is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs. For more information, please visit www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://cnw.fm/INM
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