TSX:IN
OTCQX:IMLFF
VANCOUVER, Dec. 4, 2018 /PRNewswire/ - InMed
Pharmaceuticals Inc. ("InMed" or the "Company") (TSX:IN;
OTCQX:IMLFF), a cannabinoid-based biopharmaceutical company that
leverages its proprietary platform technologies to develop novel
therapeutics for the treatment of diseases with high unmet medical
needs, is pleased to announce that it has signed a contribution
agreement with the National Research Council Canada Industrial
Research Assistance Program ("NRC IRAP") to receive funding of up
to C$500,000 to support InMed's
ongoing R&D efforts in cannabinoid biosynthesis. NRC IRAP
provides advisory services and funding to Canadian businesses to
promote accelerated growth and technology innovation.
In particular, funding from NRC IRAP will be applied to improve
production of the different components of the terpenoid
biosynthetic pathway, a pre-cursor of cannabinoid production, as
well as research and development supporting up-stream and
down-stream scale-up activities conducted by InMed's contract
development and manufacture organizations. The funding will be
received over the next 18 months. The Company also continues its
efforts to further diversify the number of cannabinoids produced
using its technology platform.
"Manufacturing of pharmaceutical grade cannabinoids remains a
major challenge to the industry," commented Dr. Eric C. Hsu, Ph.D., InMed's Vice President,
Pre-Clinical Research & Development. Dr. Hsu continued, "We are
extremely honored to receive this non-dilutive investment from NRC
IRAP. This funding will support our on-going efforts to establish a
leadership position in the field of cannabinoid biosynthesis."
About InMed:
InMed is a pre-clinical stage
biopharmaceutical company that specializes in developing novel
therapies through the research and development into the extensive
pharmacology of cannabinoids coupled with innovative drug delivery
systems. InMed's proprietary bioinformatics database drug/disease
targeting tool, cannabinoid biosynthesis technology and drug
development pipeline are the fundamental value drivers of the
Company. For more information, visit www.inmedpharma.com
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: developing novel therapeutics for the
treatment of diseases with high unmet medical needs; receiving the
NRC IRAP funding over the next 18 months; applying the NRC IRAP
funding to improve production of the different components of the
terpenoid biosynthetic pathway as well as up-stream and down-stream
scale-up activities conducted by InMed's CDMOs; further
diversifying the number of cannabinoids produced using InMed's
technology platform; leading the field of cannabinoid biosynthesis;
and the expected 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 availability and timing of NRC IRAP's
funding; continued and timely positive preclinical and clinical
efficacy data; the speed of regulatory approvals; 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 NRC IRAP funding may not be received over the
anticipated schedule, if at all; the NRC IRAP funding may not be
applied as currently anticipated; InMed may not be able to improve
production of the different components of the terpenoid
biosynthetic pathway or the up-stream and down-stream scale-up
activities conducted by InMed's CDMOs; InMed may not be able to
diversify the number of cannabinoids produced using its technology
platform; InMed may not establish a leadership position in the
field of cannabinoid biosynthesis; 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.
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SOURCE InMed Pharmaceuticals Inc.