Business
InMed Pharmaceuticals Reports Third Quarter Fiscal 2023 Financial Results and Provides Business Update
Completed enrollment in Phase 2 Clinical Trial; data readout expected during calendar 3Q 2023 120% quarter-over-quarter revenue growth in the commercial
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"\nCompleted enrollment in Phase 2 Clinical Trial; data readout expected during calendar 3Q 2023\n120% quarter-over-quarter revenue growth in the commercial BayMedica subsidiary\nPublished a peer-reviewed study showing the anti-inflammatory potential of rare cannabinoids\n\nVancouver, British Columbia--(Newsfile Corp. - May 15, 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 third quarter of the fiscal year 2023 (\"FY 3Q23\") which ended March 31, 2023. \nThe Company’s full financial statements and related MD&A for the third quarter ended March 31, 2023, are available at www.inmedpharma.com, www.sedar.com and at www.sec.gov.\n\"The third quarter of fiscal year 2023 was an important period for InMed, as we achieved several key milestones across our different business segments, including completing enrollment in our Phase 2 clinical trial for epidermolysis bullosa, marking the first time cannabinol (\"CBN\") has completed a Phase 2 clinical trial. We look forward to the data read out during 3Q and will then be in a better position to evaluate our strategic opportunities for the program,\" said Eric A. Adams, President and CEO of InMed. \"We are increasingly excited about the data we are seeing in our preclinical ocular and neurodegenerative disease programs where we are researching proprietary cannabinoid analogs in the treatment of various indications.\"\n\"We also hit another significant milestone in our commercial BayMedica subsidiary, surpassing $1M in quarterly revenues for the first time from the sales of rare cannabinoids to the Health and Wellness (\"H&W\") sector, representing a 120% increase over 2Q sales.\" Adams continued, \"In the last few months we have seen a noticeable increase in awareness, understanding and adoption of rare cannabinoids in the H&W sector, evidenced by leading companies expanding their product lines to include new formats and formulations using rare cannabinoids such as the non-psychoactive ingredient cannabichromene (\"CBC\"). We are encouraged by two consecutive periods of significant quarter over quarter revenue growth. We will continue to support growth in a fiscally prudent manner in th...