Business
InMed Pharmaceuticals Reports Full Year Fiscal 2023 Financial Results and Provides Business Update
Completed Phase 2 Clinical Trial demonstrating anti-itch activity of INM-755 (CBN) topical cream $4.1M revenues in fiscal year 2023, representing a 280%
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"\nCompleted Phase 2 Clinical Trial demonstrating anti-itch activity of INM-755 (CBN) topical cream\n$4.1M revenues in fiscal year 2023, representing a 280% increase over the previous fiscal year and $2.3M revenues in fiscal Q4 2023, representing 123% increase quarter over quarter (\"QoQ\")\nStrengthens pharmaceutical pipeline with launch of INM-900 series program targeting neurodegenerative diseases such as Alzheimer's\n\nVancouver, British Columbia--(Newsfile Corp. - September 29, 2023) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (\"InMed\" or the \"Company\"), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, today announced financial results for the fiscal year ending June 30, 2023 and provided a business update on the pharmaceutical drug development programs as well as the commercial segment for a wholly-owned subsidiary, BayMedica, LLC (\"BayMedica\").\nThe Company's full financial statements and related MD&A for the fiscal year ended June 30, 2023, are available at www.inmedpharma.com and at www.sedarplus.ca.\nFinancial and operating highlights for fiscal 2023:\n\nTotal sales for subsidiary BayMedica of rare cannabinoids in the health and wellness sector of $4.1M in fiscal year 2023, representing a 280% increase over the previous fiscal year and $2.3M in revenue for the three months ended June 30, 2023, a 123% increase QoQ;\nAs of June 30, 2023, the Company's cash, cash equivalents and short-term investments were $9.0M;\nFor the year ended June 30, 2023, the Company recorded a net loss of $7.9M, compared with a net loss of $18.6M for the previous year;\nCompleted Phase 2 clinical trial in the treatment of Epidermolysis Bullosa (\"EB\");\nLaunched INM-900 series preclinical program targeting the treatment of neuro-degenerative diseases such as Alzheimer's, Huntington's and Parkinson's disease; and\nPublished a peer-reviewed study showing the anti-inflammatory potential of rare cannabinoids in skin conditions.\n\nEric A. Adams, InMed Chief Executive Officer commented, \"In fiscal year 2023, the Company's wholly-owned subsidiary, BayMedica, achieved substantial revenue growth via the supply of rare cannabinoids as ingredients to the health and wellness sector. In the January to June timeframe, BayMedica experienced substantial growth, as evid...