InMed Pharmaceuticals Reports Fourth Quarter and Full Year Fiscal 2018 Financial Results and Provides R&D and Business Update
VANCOUVER, Sept. 13, 2018 /PRNewswire/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (TSX:IN; OTCQX:IMLFF), a fully integrated, cannabinoid-based biopharmaceutical company that leverages its proprietary platform technologies to develop novel therapeutics for the treatment of diseases with high unmet medical needs, today reported financial results for the three and twelve months ended June 30, 2018, which is the Company's fourth quarter of fiscal year 2018 ("4Q18").
Conference Call & Webcast: --- Thursday, September 13, 2018 at 10:00 AM Pacific Time, 1:00 PM Eastern Time Toronto: +1-416-764-8688 Vancouver: +1-778-383-7413 North America (Toll Free): +1-888-390-0546 Conference ID: 06140730 Webcast: https://event.on24.com/wcc/r/1825233/41E80E655BB542139BF0CC542AD952D5 Replays, Available through September 20, 2018: --- Toronto: +1-416-764-8677 North America (Toll Free): +1-888-390-0541 Playback Passcode: 140730#
The Company's full financial statements and related MD&A for the three and twelve months ended June 30, 2018 will be available at www.sedar.com on September 13, 2018.
"During the fourth quarter of fiscal 2018, InMed continued to execute on its R&D and business strategy," stated President and Chief Executive Officer, Eric A. Adams. "The Company's progress is on track to help establish our leadership position in the field of cannabinoid pharmaceutical research. Our goal is to develop innovative therapies for the treatment of important diseases with high unmet medical needs and to lead the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology. Over the course of this next fiscal year," Mr. Adams concluded, "we will remain focused on building shareholder value via innovative scientific research and development, as well as attaining greater exposure within the investment community in the United States and other key markets."
R&D and Business Update:
Results of Operations (expressed in Canadian Dollars):
Corporate Update (expressed in Canadian Dollars):
Table 1: Consolidated statements of financial position (audited):
InMed Pharmaceuticals Inc. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at June 30 Expressed in Canadian Dollars --- 2018 2017 ASSETS Current Cash and cash equivalents $ 24,134,277 $ 6,707,796 Short-term investments 2,342,615 Taxes recoverable 53,373 59,148 Prepaids and advances 203,477 177,577 --- Total current assets 26,733,742 6,944,521 Non-Current Property and equipment 55,732 27,049 Intangible assets 1,273,670 1,364,558 --- Total Assets $ 28,063,144 $ 8,336,128 === === LIABILITIES AND SHAREHOLDERS' EQUITY Current Trade payables 937,759 369,674 --- SHAREHOLDERS' EQUITY Share capital 68,058,698 43,153,871 Contributed surplus 10,381,759 7,606,735 Accumulated deficit (51,315,072) (42,794,152) --- 27,125,385 7,966,454 $ 28,063,144 $ 8,336,128 ===
Table 2: Consolidated statements of comprehensive loss:
InMed Pharmaceuticals Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS For the three and twelve months ended June 30, 2018 and June 30, 2017 Expressed in Canadian Dollars --- AUDITED UNAUDITED Three Months Ended Twelve Months Ended June 30 June 30 2018 2017 2018 2017 --- Expenses General and administrative $ 976,082 $ 754,091 $ 3,367,698 $ 2,320,922 Research and development 576,954 378,249 1,927,137 746,162 Amortization and depreciation 30,722 23,629 117,845 97,823 Foreign exchange (gain) loss (6,129) 2,151 (287) 322 Share-based payments 1,505,142 717,534 3,196,864 1,308,620 --- Total expenses 3,082,771 1,875,654 8,609,257 4,473,849 Interest income 53,571 88,337 --- Total comprehensive loss for the period $ (3,029,200) $ (1,875,654) $ (8,520,920) $ (4,473,849) --- --- Basic and diluted loss per share for the period $ (0.02) $ (0.02) $ (0.06) $ (0.05) === === Basic and diluted weighted average number of common shares outstanding 155,143,970 118,904,411 142,451,768 89,452,627 ---
Table 3: Consolidated statements of cash flows (audited):
InMed Pharmaceuticals Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended June 30 Expressed in Canadian Dollars --- 2018 2017 OPERATING ACTIVITIES Cash flows from operating activities Loss for the year $ (8,520,920) $ (4,473,849) Adjustments to reconcile loss to net cash used in operating activities Amortization and depreciation 117,845 97,823 Share-based payments 3,196,864 1,308,620 Shares issued for services 206,646 Accrued interest income on short-term investments (13,868) Changes in non-cash working capital balances: Prepaids and advances (25,900) (129,276) Taxes recoverable 5,775 25,974 Trade payables 568,086 (112,334) --- Total cash outflows from operating activities (4,672,118) (3,076,396) --- Cash Flows From Investing Activities Purchase of short-term investments (2,328,750) Purchase of property and equipment (55,639) (25,393) --- Total cash outflows from investing activities (2,384,389) (25,393) --- Cash Flows From Financing Activities Shares issued for cash 26,694,465 10,749,780 Share issue costs (2,211,477) (994,436) --- Cash provided by financing activities 24,482,988 9,755,344 --- Increase in cash during the year 17,426,481 6,653,555 --- Cash and cash equivalents beginning of the year 6,707,796 54,241 --- Cash and cash equivalents end of the year $ 24,134,277 $ 6,707,796 --- ---
The Company's full financial statements and related MD&A for the year ended June 30, 2018 are available at www.sedar.com.
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-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.
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; the ability to contract with suitable partners; 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: 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; suitable partners may not be located; economic or market conditions may worsen; and InMed's proprietary bioinformatics platform, biosynthesis manufacturing process and drug development programs 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.
NEITHER THE TORONTO STOCK EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
View original content to download multimedia:http://www.prnewswire.com/news-releases/inmed-pharmaceuticals-reports-fourth-quarter-and-full-year-fiscal-2018-financial-results-and-provides-rd-and-business-update-300711838.html
SOURCE InMed Pharmaceuticals Inc.
Company Codes: OTC-QB:IMLFF, Toronto:IN