InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing and clinical development of rare cannabinoids, has released its financial results and corporate update for FY 2021. In addition, the company announced a conference call and webcast, in which company leadership will discuss the report. Interested parties can access a replay of the webcast for 90 days. Corporate highlights of the report include the definitive agreement the company entered to acquire BayMedica Inc., a private company specializing in the manufacture and commercialization of rare cannabinoids; the announcement that INM’s IntegraSyn(TM) cannabinoid manufacturing approach had achieved a level of 2g/L cannabinoid yield, a signal of commercial viability; and the filing of clinical trial applications in multiple countries for the company’s multisite Phase 2 clinical trial of INM-755 (cannabinol) cream in Epidermolysis Bullosa (“EB”). In addition, the company noted that it had notified the Toronto Stock Exchange about the voluntary delisting of its common shares, which were delisted in May 2021. INM also entered into a securities purchase agreement with an institutional investor designed raise an estimated $12.0 million; INM closed the private placement on July 2, 2021. The company also reported a net loss of $10.2 million compared with a net loss of $8.9 million for the previous year, along with cash, cash equivalents and short-term investments totaling $7.4 million, compared to $5.8 million last year. “In the final quarter of our fiscal year 2021, as well as throughout the year, we made important progress in corporate development, pharmaceutical drug development and in advancing our proprietary manufacturing approach, IntegraSyn,” said InMed CEO Eric A. Adams in the press release. “With the recent announcements regarding our acquisition of BayMedica Inc., the Company is well positioned to continue its activities to solidify a leadership position in the field of rare cannabinoids.”
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic benefits of cannabinol (“CBN”); the company is developing IntegraSyn(TM) to produce pharmaceutical-grade cannabinoids. INM is dedicated to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based medicines. For more information, please visit www.InMedPharma.com.
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