VANCOUVER, British Columbia,
April 15, 2015 /PRNewswire/
-- InMed Pharmaceuticals Inc. ("InMed") (CSE:
IN; OTCQB: IMLFF), a clinical stage biopharmaceutical
company that specializes in developing safer, more effective
cannabinoid-based therapies, today announced that it has been
awarded a grant to further develop the Company's proprietary
nanoparticle-based delivery system for their leading drug candidate
CTI-085 for glaucoma. Initial formulation, in vitro &
in vivo development is currently underway in collaboration
with members of the Department of Chemical & Biological
Engineering at the University of British
Columbia. The grant from Mitacs, a leading Canadian
non-profit organization that accelerates innovative projects
through strategic academic and industry collaboration, is partially
funding the ongoing development of the delivery system and is the
second grant awarded to InMed from Mitacs.
The Mitacs grant was awarded to Dr. Maryam Kabiri, Ph.D., a researcher with
extensive experience in developing nanoparticle-based delivery
systems. Dr. Kabiri will be working with Prof. Vikramaditya G. Yadav, whose research focuses on
metabolic & enzyme engineering and customized novel
biosynthetic enzymes that can convert biomass-derived feedstock
into better fuels, pharmaceuticals and value-added chemicals. In
conjunction with InMed, the Mitacs grant will be utilized to
develop a novel delivery system for glaucoma therapy.
Dr. Sazzad Hossain, Chief
Scientific Officer, states, "We are pleased to have met the Mitacs
funding criteria for the advancement of our proprietary glaucoma
delivery system. Not only does this bring us closer to our goals of
initiating our Phase 1 trial, but it furthers our business
development strategy of having a proprietary delivery system that
can be licensed with existing drugs endangered by patent
expiration. This "therapy extension" strategy used by drug makers
can be a valuable asset to InMed upon successful completion of the
program. Additionally, the incorporation of an existing medicine
into a new drug delivery system can significantly improve its
performance in terms of efficacy, safety, and improved patient
compliance."
About Mitacs
Mitacs is a national, private
not-for-profit organization that develops the next generation of
innovators with vital scientific and business skills through a
suite of unique research and training programs, such as
Mitacs-Accelerate, Elevate, Step, Enterprise and Globalink. In
partnership with companies, government and universities, Mitacs is
supporting a new economy using Canada's most valuable resource – its
people.
For more information on Mitacs, visit www.mitacs.ca.
About InMed
InMed is a clinical stage
biopharmaceutical company that specializes in developing cannabis
based therapies through the Research and Development into the
extensive pharmacology of cannabinoids coupled with innovative drug
delivery systems. InMed's proprietary platform technology, product
pipeline and accelerated development pathway are the fundamental
value drivers of the Company.
ON BEHALF OF THE BOARD
InMed Pharmaceuticals Inc.
Craig Schneider
President and Chief Executive Officer
Tel: 604.669.7207
Fax: 604.683.2506
info@inmedpharma.com /
www.inmedpharma.com
Forward Looking Statements
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities
laws. Forward-looking information is based on management's
current expectations and beliefs and is subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking
statements. Forward-looking information in this news release
includes statements about developing a nanoparticle based delivery
system for CTI-085; the collaboration of Dr. Kabiri with Prof.
Yadava; the utilization of the Mitacs grant to develop a novel
delivery system for glaucoma therapy; initiating a Phase 1 trial; a
"therapy extension" strategy using a proprietary delivery system
licensed with existing drugs endangered by patent expiration; and
the fundamental value drivers of the company. With respect to
the forward-looking information contained in this news release,
InMed has made numerous assumptions regarding, among other things:
the continued availability of Dr. Kabiri and Prof. Yadava; the
ability to use the Mitacs grant; the success of the program to the
extent that a Phase 1 trial or "therapy extension" strategy can be
initiated; 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: Dr. Kabiri and Prof. Yadava may become unavailable;
the Mitacs grant may become unavailable; the delivery system
program may not be successful enough to warrant a Phase 1 trial or
"therapy extension" strategy; InMed's proprietary platform
technology, product pipeline and accelerated development pathway
may not return their expected level of value; and economic or
market conditions may worsen.
A more complete discussion of the risks and uncertainties facing
InMed is disclosed in InMed's continuous disclosure filings with
Canadian securities regulatory authorities 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 CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS
SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE InMed Pharmaceuticals Inc.