InMed Pharmaceuticals Announces NSERC Grant to The University of British Columbia in Support of Collaborative R&D Work
VANCOUVER, /PRNewswire/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (TSX:IN; OTCQX:IMLFF), a fully integrated, cannabinoid-based biopharmaceutical company that leverages its proprietary biosynthesis platform technology to develop novel therapeutics for the treatment of diseases with high unmet medical needs, today announced that the Company's research partner, University of British Columbia ("UBC"), has been approved to receive a grant from the Natural Sciences and Engineering Research Council of Canada ("NSERC") for their collaborative efforts with InMed in the biosynthesis of cannabinoids (the "Collaboration").
Under the terms of the grant, the NSERC has committed funding of C$136,000 towards the Collaboration over the course of three years. The Collaboration, entitled 'Microbial metabolic engineering for cannabinoid biosynthesis', which originally commenced in May 2015, targets development of a microbial-based cannabinoid expression system for the manufacture of individual cannabinoid drugs for treating diseases with high unmet medical needs.
InMed's Vice President, Pre-Clinical Research & Development, Eric Hsu, Ph.D., commented, "We are honored that our trusted, world-class research partner, Dr. Yadav at UBC, has received this prestigious grant from the NSERC. Through our continued research effort on this program with UBC, we remain optimistic that the development of our proprietary biosynthesis platform technology will result in commercial-scale manufacturing of cannabinoids."
"We would like to take this opportunity to extend our gratitude to the NSERC for their vote of confidence in our cutting-edge work," added Vikramaditya G. Yadav, Ph.D., Assistant Professor in the Department of Chemical & Biological Engineering. "The successful completion of this Collaboration will not only advance the Company's manufacturing capabilities and its R&D pipeline, but also provide immense social and strategic benefit to Canada."
About Natural Sciences and Engineering Research Council of Canada ("NSERC"):
About INM-750. INM-750 is a proprietary, topical cannabinoid product candidate targeted as a therapy in epidermolysis bullosa (EB) and other potential dermatological and wound-healing applications. It has been specifically designed with the intent to: (i) modify the underlying cause of the disease in certain patients with EB Simplex (EBS, the most common form of EB), and (ii) to treat the major symptoms of the disease in all patients with EB. Preclinical data generated previously demonstrates that INM-750 may have a significant impact on certain symptoms of EB (which may include improvement of wound area to promote healing, reduction in pain, itch and inflammation, and providing antimicrobial activity). These disease hallmarks are key therapeutic targets for the effective treatment of EB as well as several other dermatological conditions. Additionally, our data indicate that INM-750 may have an impact on the underlying disease by increasing the production of certain proteins, called keratins, in the skin.
About Epidermolysis Bullosa (EB). EB is a group of rare diseases that cause fragile, blistering skin. The blisters may appear in response to minor injury, even from heat, rubbing, scratching or adhesive tape. In severe cases, the blisters may occur inside the body, such as the lining of the mouth or the stomach. Most types of epidermolysis bullosa are inherited. The condition usually presents in infancy or early childhood. Epidermolysis bullosa has no cure.
About INM-085. InMed is developing a stimulus-responsive, nanoparticle-laden vehicle for controlled delivery of ophthalmic drugs into the aqueous humor of the eye. The first application of this delivery vehicle will be for INM-085 as a cannabinoid-based topical therapy targeting reduction of the intraocular pressure associated with glaucoma as well as being designed to serve as a neuro-protectant to the retinal ganglion cells. INM-085 is intended for application as a once-per-day eye drop administered immediately prior to the patient's bedtime, intending to assist in reducing non-adherence with current glaucoma therapies. Additionally, this novel, proprietary delivery system for ocular drugs may also play an important role in enabling other companies' proprietary ocular drug candidates or re-invigorating the commercial potential of off-patent products that would benefit from a once-a-day dosing regimen.
About Glaucoma. Glaucoma is a group of eye conditions that damage the optic nerve, which is vital to good vision. This damage is often caused by an abnormally high pressure in your eye. It is the second leading cause of blindness worldwide. It can occur at any age but is more common in older adults. The most common form of glaucoma has no warning signs. The effect is so gradual that you may not notice a change in vision until the condition is at an advanced stage. Vision loss due to glaucoma can't be recovered.
Cautionary Note Regarding Forward-Looking Information:
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: continued and timely positive preclinical and clinical efficacy data; the speed of regulatory approvals; demand for InMed's products; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the NSERC grant may not be received in the expected amount or timeline, or at all; the Collaboration may not elicit the desired results on a timely basis, or at all; preclinical and clinical testing may not produce the desired results on a timely basis, or at all; regulatory applications may not be approved on a timely basis, or at all; economic or market conditions may worsen; and InMed's proprietary bioinformatics database drug/disease targeting tool, cannabinoid biosynthesis technology and drug development pipeline may not deliver the expected level of results nor become the fundamental value drivers of the Company. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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SOURCE InMed Pharmaceuticals Inc.
Company Codes: OTC-QB:IMLFF, Toronto:IN