InMed Pharmaceuticals (NASDAQ: INM)
, a leader in the manufacturing and clinical development of rare cannabinoids, has released its financial results and corporate update for FY 2021. In addition, the company announced a conference call and webcast, in which company leadership will discuss the report. Interested parties can access a replay of the webcast for 90 days. Corporate highlights of the report include the definitive agreement the company entered to acquire BayMedica Inc., a private company specializing in the manufacture and commercialization of rare cannabinoids; the announcement that INM’s IntegraSyn(TM) cannabinoid manufacturing approach had achieved a level of 2g/L cannabinoid yield, a signal of commercial viability; and the filing of clinical trial applications in multiple countries for the company’s multisite Phase 2 clinical trial of INM-755 (cannabinol) cream in Epidermolysis Bullosa (“EB”). In addition, the company noted that it had notified the Toronto Stock Exchange about the voluntary delisting of its common shares, which were delisted in May 2021. INM also entered into a securities purchase agreement with an institutional investor designed raise an estimated $12.0 million; INM closed the private placement on July 2, 2021. The company also reported a net loss of $10.2 million compared with a net loss of $8.9 million for the previous year, along with cash, cash equivalents and short-term investments totaling $7.4 million, compared to $5.8 million last year. “In the final quarter of our fiscal year 2021, as well as throughout the year, we made important progress in corporate development, pharmaceutical drug development and in advancing our proprietary manufacturing approach, IntegraSyn,” said InMed CEO Eric A. Adams in the press release. “With the recent announcements regarding our acquisition of BayMedica Inc., the Company is well positioned to continue its activities to solidify a leadership position in the field of rare cannabinoids.”
To view the full press releases, visit https://ibn.fm/3C8cK
About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic benefits of cannabinol (“CBN”); the company is developing IntegraSyn(TM) to produce pharmaceutical-grade cannabinoids. INM is dedicated to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based medicines. 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://ibn.fm/INM
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.InvestorWire.com
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
InvestorWire is part of the InvestorBrandNetwork.