Business
InMed Pharmaceuticals Provides Update on its Core Research and Development Programs and BayMedica Business
VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the research,
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the research, development and manufacturing of rare cannabinoids and cannabinoid analogs, today announces an update on its research/development and commercial activities. Eric A. Adams, InMed CEO, states, “The Company continues to execute on its research and development (“R&D”) plans to complete enrollment in a Phase 2 clinical program in epidermolysis bullosa (“EB”) by calendar year end, to continue to advance a preclinical drug candidate in ocular disease and to investigate the utility of proprietary cannabinoid analogs in targeting specific diseases. We remain enthusiastic with the potential of the proprietary cannabinoid analog program that resulted in part from our acquisition of BayMedica, LLC (“BayMedica”) in October 2021. However, despite the significant efforts by the commercial team at BayMedica, the market demand for the BayMedica naturally-occurring cannabinoids in the Health & Wellness (“H&W”) sector is not progressing as anticipated.” Contributing factors include but are not limited to: recent overarching recessionary pressures leading to hesitation within the H&W sector to invest in, and launch, new rare cannabinoid products; in this nascent market, BayMedica’s competitive advantages of certified high purity and reliability and consistency of supply not resonating with the industry product manufacturers; and, additional downward pricing pressure for cannabinoids in the H&W sector. Mr. Adams continued, “Given the above, the timing of revenues for the BayMedica products has become highly uncertain and is causing us to re-evaluate whether, in the long-term, the BayMedica commercial activities will achieve margins sufficient to justify further investment in that business line. Our goal is to invest where we see the greatest potential for a return and, in doing so, we must take into account evolving market dynamics. As a result, we have made the decision to focus on our core business in the pharmaceutical drug development area and reduce our financial exposure in the H&W sector. To make that transition, we plan to focus sales efforts on reducing inventory and decreasing other commercial and manufacturing R&D efforts. BayMedica will continue to evaluate opportunities for potent...