Business
InMed Reports First Quarter Fiscal 2024 Financial Results and Provides Business Update
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2023) - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a leader in the
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - November 14, 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 reports financial results for the first quarter of the fiscal year 2024 which ended September 30, 2023.\nThe Company's full financial statements and related MD&A for the first quarter ended September 30, 2023, are available at www.inmedpharma.com, www.sedar.com and at www.sec.gov.\nEric A. Adams, InMed Chief Executive Officer, commented, \"We are pleased with the continued advancements across our pharmaceutical programs and commercial operations. We are particularly excited with the recent candidate selection and official launch of our INM-901 preclinical program targeting the treatment of Alzheimer's disease, representing a unique and innovative treatment approach compared to current options available to patients. Our commercial subsidiary, BayMedica, continues to make steady progress as a B2B supplier of rare cannabinoids to the Health and Wellness sector as our trailing 12-month sales trend continues to show steady growth.\"\nAdams continued, \"Furthermore, the successful completion of a recent financing further strengthens our balance sheet and provides additional financial stability in a particularly challenging capital markets environment. These additional funds extend our cash runway into calendar 3Q 2024.\"\nBusiness Update\nPharmaceutical Development Programs\nNeurodegenerative Diseases Program INM-901: Demonstrates unique pharmacological effects in Alzheimer's disease\nOn October 24, 2023, the Company announced it has selected a lead Alzheimer's disease drug candidate, named INM-901, following positive results from several proof-of-concept studies in a validated Alzheimer's disease treatment model. InMed will be advancing INM-901, a cannabinoid analog, in its pharmaceutical drug development program. Based on early in vitro research, INM-901 showed potential to target several biological pathways associated with Alzheimer's, including neuroprotection to the brain neurons from beta-amyloid peptide-induced toxicity and targeting neuronal function improvement via extension of neurite length. In addition to these encouraging in vitro testing outco...