Business
InMed Pharmaceuticals Reports Third Quarter Fiscal 2022 Financial Results and Provides Business Update
Expands rare cannabinoid portfolio with the addition of CBT and CBDVStrengthens IP with publication of a patent application for novel cannabinoid
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"Expands rare cannabinoid portfolio with the addition of CBT and CBDVStrengthens IP with publication of a patent application for novel cannabinoid analogsAdvances the pharmaceutical drug development programs in EB, glaucoma and neurodegenerative diseases VANCOUVER, British Columbia and SOUTH SAN FRANCISCO, Calif., May 13, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids, today announced financial results for the third quarter of the fiscal year 2022 which ended March 31, 2022. “The third quarter of fiscal 2022 saw noticeable advancements across all of our programs, including commencing sales of the rare cannabinoids CBDV and CBT as raw ingredients for the health and wellness industry,” says Eric A. Adams, InMed President & CEO. “For the remainder of fiscal 2022, we will remain focused on driving our commercial operations by expanding our product portfolio, increasing sales of our existing and new rare cannabinoids, exploring new distribution channels and optimizing our product development and supply chain strategy. We continue to grow revenues and have established a solid platform upon which to build as we commercialize additional high value products. We continue to focus on enhancing our sales and marketing efforts to support increasing demand.” Business Update Commercial ActivitiesIn January 2022, InMed announced that it launched B2B sales of cannabicitran (“CBT”) to wholesalers, suppliers and end-product manufacturers in the health and wellness sector via its wholly-owned subsidiary, BayMedica LLC. Subsequent to the quarter end, the Company also commenced sales of the rare cannabinoid cannabidivarin (“CBDV”) in April, marking the third product in the Company’s rare cannabinoid commercial portfolio, which also includes cannabichromene (“CBC”). BayMedica has also begun commercial scale production of its delta-9 dominant tetrahydrocannabivarin (“THCV”) in anticipation of commencing B2B sales. CBDV and THCV are highly anticipated, non-intoxicating rare cannabinoids for which is there is growing interest. Continuing to build out a robust product portfolio is a strategic priority and the Company currently has several additional high-value rare cannabinoids in various stages of development and c...