InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development and manufacturing of rare cannabinoids and cannabinoid analogs, is reporting an update on the company’s research/development and commercial activities. According to the update, the company is working to complete enrollment in a phase 2 clinical program in epidermolysis bullosa (‘EB’) by the end of 2023, to advance its R&D efforts on a preclinical drug candidate in ocular disease and to investigate the potential of proprietary cannabinoid analogs in targeting specific diseases. The update included an observation that market demand for INM’s BayMedica naturally occurring cannabinoids is not progressing as anticipated, which has caused the company to re-evaluate whether its BayMedica commercial activities will see margins that justify further investment in that business line. The announcement noted that the company plans to invest where it sees the greatest potential for a return. Consequently, InMed will be focusing its core business on the pharmaceutical drug-development area and reducing its efforts in the health and wellness space. Specifically, the company will be evaluating the potential use of a rare cannabinoid to improve neuronal function and provide neuroprotection for treating neurodegenerative disorders such as Alzheimer’s disease, Parkinson’s disease and Huntington’s disease. “To make that transition, we plan to focus sales efforts on reducing inventory and decreasing other commercial and manufacturing R&D efforts,” said InMed CEO Eric A. Adams in the press release. “BayMedica will continue to evaluate opportunities for potential structured supply arrangements and collaborations and will consider other potential strategic alternatives for the commercial business. . . . [Our rare cannabinoid] research further reflects our efforts in the fields of dermatology and ocular disease to identify and develop cannabinoids that have significant therapeutic potential in treating disease. We look forward to continuing the progress we have made in advancing our pharmaceutical drug-development programs, including proprietary cannabinoid analogs, with the aim of achieving important milestones in the coming quarters and years.”
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About InMed Pharmaceuticals Inc.
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, please visit www.InMedPharma.com.
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