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 months ended September 30, 2018, which is the Company’s first quarter of fiscal year 2019 (“1Q19").
VANCOUVER, /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 months ended September 30, 2018, which is the Company’s first quarter of fiscal year 2019 (“1Q19").
The Company’s full financial statements and related MD&A for the three months ended September 30, 2018 will be available at www.sedar.com on November 12, 2018. “We continued to make solid progress on our operating strategy during 1Q19, which is, first and foremost, diligent execution with our leading R&D programs” stated President and Chief Executive Officer, Eric A. Adams. Mr. Adams continued, “During the quarter, we made considerable advancements with our INM-750 program for the treatment of Epidermolysis Bullosa, and we currently believe that we remain on track to begin discussions of our clinical development plans with regulatory authorities in the first half of 2019 and for a CTA/IND filing for INM-750 in the second half of 2019.” “Specifically, within our INM-750 program,” Mr. Adams continued, “among many other pre-clinical studies, we conducted drug permeation studies on several formulation variations. In these studies, with our selected formulation, we demonstrated good drug penetration and adequate drug concentrations in the epidermis, which is the target tissue for INM-750. In addition, and very importantly, we have demonstrated that the cannabinoid components in the INM-750 formulation each play important, and independent, functions for various target effects, including anti-inflammation and keratin upregulation.” “Concerning our ongoing work in toxicology and pharmacology, we completed two types of genotoxicity studies, which demonstrated no mutagenicity with the cannabinoid components of INM-750. In addition, we completed two 7-day dose range finding and pharmacokinetic studies for assessment of systemic toxicity. The lack of any negative results from these studies support continued development of INM-750,” added Mr. Adams. “During 1Q19,” Mr. Adams continued, “we also made meaningful strides to advance our proprietary biosynthesis manufacturing technology. In particular, we announced entering into a service agreement with the National Research Council Canada (NRC) in Montreal, Canada in October, for bio-fermentation development and scale-up processes for cannabinoid biosynthesis in E. coli. Since then, we have initiated our technology transfer from our partners at The University of British Columbia (UBC) to the NRC. This collaboration moves us one step closer to achieving our ambition of being able to produce multiple pharmaceutical-grade cannabinoids on a commercial scale.” Mr. Adams continued, “In addition, I’d like to reiterate a material development in strengthening our IP portfolio. Specifically, we successfully converted our provisional patent to a PCT patent filing for ‘Metabolic Engineering of bacterium E. coli for cannabinoid products’. We also announced that our research partner at UBC received a grant from the prestigious Natural Sciences and Engineering Research Council of Canada (NSERC) for our collaborative efforts in the biosynthesis of cannabinoids,” concluded Mr. Adams. Results of Operations (expressed in Canadian Dollars):
Table 1: Condensed consolidated interim statements of financial position (un-audited):
Table 2: Condensed consolidated interim statements of comprehensive loss (un-audited):
Table 3: Condensed consolidated interim statements of cash flows (un-audited):
The Company’s full financial statements and related MD&A for the quarter ended September 30, 2018 are available at www.sedar.com. About InMed: 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-first-quarter-fiscal-2019-financial-results-and-provides-rd-and-business-update-300747884.html SOURCE InMed Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: Toronto:IN, OTC-QX:IMLFF |