Business
InMed Pharmaceuticals Reports First Quarter Fiscal 2022 Financial Results and Provides Business Update
VANCOUVER, British Columbia., Nov. 10, 2021 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"VANCOUVER, British Columbia., Nov. 10, 2021 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the development, manufacturing and commercialization of rare cannabinoids, today announced financial results for the first quarter of fiscal year 2022 which ended September 30, 2021. “The first quarter of fiscal 2022 saw positive momentum across all of our programs,” says Eric A. Adams, InMed President & CEO. “With the completion of the BayMedica Inc. (“BayMedica”) acquisition, our integrated teams are working together to identify rare cannabinoids in BayMedica’s pipeline for commercialization in the consumer health and wellness industry. For the duration of fiscal year 2022, we will be focused on growing revenues through the launch of these selected rare cannabinoids, in addition to expanding sales of BayMedica’s Prodiol® CBC (cannabichromene) and progressing our existing programs.” Business Update BayMedicaOn October 13, 2021, InMed completed the acquisition of BayMedica creating an industry leader in the manufacturing and commercialization of rare cannabinoids. Management’s immediate focus is to expedite the integration of both companies and accelerate commercial activities including driving wholesale B2B revenues of BayMedica’s current Prodiol® CBC product to the consumer health and wellness sector. Management anticipates introducing several new, rare cannabinoids over the next few quarters with a specific focus on high demand, attractive margin products and expects to grow revenues considerably in the short-to-medium term. Additionally, both InMed and BayMedica science teams will continue to explore the therapeutic potential of BayMedica novel cannabinoid analogs to incorporate into the Company’s pharmaceutical drug development programs. IntegraSyn™ The Company continues to further optimize IntegraSyn™ as a solution for large-scale, pharmaceutical-grade Good Manufacturing Practice (“GMP\") production of rare cannabinoids. The team is currently focused on process optimization to prepare the manufacturing process to be GMP-ready for pharmaceutical quality production. Next step is to advance production to a larger batch and continue to improve upon the previously announced industry leading yield of 5g/L. The Company continues to believe IntegraSyn™ will be a preferred method for pharm...