TSX:IN
NASDAQ:INM
- Initial application with INM-088 to treat
ocular disease -
VANCOUVER, BC, Dec. 3, 2020 /CNW/ - InMed
Pharmaceuticals Inc. ("InMed" or the "Company") (NASDAQ:INM)
(TSX:IN), a clinical-stage pharmaceutical company developing
medications targeting diseases with high unmet medical need and
leading the way in the clinical development of cannabinol ("CBN"),
today announced that it has secured an exclusive, worldwide license
from EyeCRO LLC for its Microemulsion Drug Ocular Penetration
System ("MiDROPS®") eyedrop delivery
technology targeting effective, topical administration of
cannabinoids to the eye.
EyeCRO is a leading contract research organization committed to
driving ophthalmic research and development forward to advance new
vision-saving treatments. MiDROPS® was
developed by EyeCRO as a proprietary platform technology designed
to effectively deliver lipophilic molecules to both the anterior
and posterior segments of the eye by means of a stable and
comfortable eyedrop formulation. InMed has already completed
preliminary investigation demonstrating simplicity, superiority and
effectiveness of MiDROPS® to deliver
sustained levels of CBN to the eye, as compared to other
formulations, as part of its INM-088 program for the prospective
treatment of ocular diseases, including glaucoma.
The licensing agreement with EyeCRO grants InMed an exclusive,
worldwide license to develop and commercialize prospective
therapeutic formulations combining
MiDROPS® with any and all cannabinoid
molecules. EyeCRO will receive consideration in the form of
scheduled payments upon the achievement of certain clinical,
regulatory and commercial milestones, with such scheduled payments
to be made in cash and a nominal amount of securities of InMed
which are subject to the approval of the TSX. In addition, EyeCRO
stands to receive a low, single digit royalty on any commercial
sales of InMed therapeutic products incorporating
MiDROPS®. The agreement considers and protects
each company's respective intellectual property and patent rights
and defines specific provisions for consideration of any new
intellectual property that may arise through future
development.
With this licensing agreement in place, InMed anticipates
initiation of IND-enabling toxicology studies with INM-088,
incorporating MiDROPS®, in 2021.
About InMed: InMed Pharmaceuticals is a clinical-stage
pharmaceutical company developing a pipeline of cannabinoid-based
medications, initially focused on the therapeutic benefits of
cannabinol (CBN), in diseases with high unmet medical need. The
Company is dedicated to delivering new therapeutic alternatives to
patients that may benefit from cannabinoid-based medicines. For
more information, visit www.inmedpharma.com.
About EyeCRO: EyeCRO is an ophthalmic contract research
organization that helps companies advance development of
vision-saving therapeutics. The Company offers a number of
preclinical models as well as formulation services using the
innovative and patented MiDROPS® platform. For
more information, visit www.EyeCRO.com.
About Microemulsion Drug Ocular Penetration System
("MiDROPS®"): The MiDROPS®
platform utilizes self-assembling isotropic microemulsions to
prepare suitable ophthalmic preparations for topical instillation
onto the eye. This technology allows for the formulation of
insoluble and /lipophilic molecules without modification so they
can be delivered in their most potent form to tissues in the front
and back of the eye.
About INM-088: InMed is developing INM-088 as a
cannabinol (CBN) eye drop formulation targeting reduction of the
intraocular pressure associated with glaucoma as well as being
designed to serve as a neuroprotectant to the retinal ganglion
cells (RGC) and the optic nerve.
About Cannabinol ("CBN"): CBN is a rare cannabinoid with
unique physiological properties that may result in distinct
therapeutic and safety characteristics relative to the more
commonly known cannabinoids tetrahydrocannabinol (THC) and
cannabidiol (CBD). CBN occurs naturally in the cannabis plant, but
typically only in trace quantities. InMed Pharmaceuticals is
exploring the therapeutic potential of CBN in diseases with high
unmet medical needs.
About Glaucoma: Glaucoma is a group of eye
conditions characterized by abnormally high pressure in the eye,
which can damage the membranes of the retina and the head of the
optic nerve, leading to blindness. Glaucoma is the second leading
cause of blindness worldwide and can occur at any age but is more
common in older adults. As of 2010, there were 44.7 million people
in the world with 'open angle' glaucoma, the most common form of
the disease, of which 2.8 million were in the United States. By the end of 2020, the
prevalence is projected to increase to 80 million worldwide with
3.4 million the United States.
Cautionary Note Regarding Forward-Looking
Information:
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: payment of consideration and royalties to EyeCRO;
achievement of clinical, regulatory and commercial milestones;
anticipated initiation of IND-enabling toxicology studies with
INM-088 and the timing thereof; protection of intellectual property
rights under the licensing agreement; and the receipt of approval
from the TSX.
With respect to the forward-looking information contained in
this news release, InMed has made numerous assumptions regarding,
among other things: InMed will be able to make the payments
contemplated in the licensing agreement; InMed will receive TSX
approval; clinical, regulatory and commercial milestones will be
achieved and will benefit InMed; InMed will be able to incorporate
MiDROPS® technology into its products as
anticipated; intellectual property rights will be protected; 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 outbreak and impact of COVID-19 may worsen;
toxicology studies may not produce the desired results on a timely
basis, or at all; TSX approval may not be received on a timely
basis, or at all; the incorporation of
MiDROPS® may not be possible or may not be
commercially viable; regulatory applications and reporting results
may not be approved on a timely basis, or at all; the licensing
agreement may not protect intellectual property rights as
anticipated; and cannabis licensing/importing issues may delay our
projected development timelines. 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.
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SOURCE InMed Pharmaceuticals Inc.