Business
InMed Reports Second Quarter Fiscal 2023 Financial Results and Provides Business Update
Closed calendar year 2022 with strong cash position of $11.5 millionApproaches completion of enrollment for Ph 2 clinical trial in EBAdvances research using
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"Closed calendar year 2022 with strong cash position of $11.5 millionApproaches completion of enrollment for Ph 2 clinical trial in EBAdvances research using rare cannabinoids in treating glaucoma and neurodegenerative diseases such as Alzheimer’s, Huntington’s and Parkinson’s VANCOUVER, British Columbia, Feb. 17, 2023 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, today announced financial results for the second quarter of fiscal year 2023 which ended December 31, 2022. The Company’s full financial statements and related MD&A for the second quarter ended December 31, 2022, are available at www.inmedpharma.com, www.sedar.com and at www.sec.gov. “This period was another strong operational quarter for the Company as we advanced our pharmaceutical programs, including the launch of INM-900 series compounds for the evaluation of neurodegenerative diseases. We are currently approaching the end of enrollment in our Ph 2 clinical trial in Epidermolysis Bullosa (“EB”). As we move into calendar 2023, we have a strong pipeline of programs at various stages of development,” said Eric A. Adams, President and CEO of InMed. “Fiscal Q2 saw significant cost savings across the different business segments resulting in a reduced cash burn. In addition, our strong cash position of over $11 million enables us to pursue several material milestones throughout calendar 2023.” Business update Pharmaceutical Development Programs INM-755 – Phase 2 Clinical Trial in EBTo date, the Ph 2 clinical trial has enrolled 17 patients of its targeted 20 patients. Several additional prospective patients have been identified for screening at the clinical sites and enrollment is expected to complete at the end of March 2023, with initial read out expected in early calendar 3Q 2023. INM-088 – Glaucoma ProgramThe Company continues to conduct the required IND enabling preclinical testing and has planned GLP toxicology studies in mid-2023. Human clinical trials remain on track to commence in calendar 2024. INM-900 – Neurodegenerative Diseases ProgramTwo cannabinoid analogs are being assessed in in vivo models of neurodegenerative diseases and the Company expects these studies to be completed and a candidate selected fo...