InMed Pharmaceuticals Inc. (“InMed” or the
“Company”) (Nasdaq: INM), a leader in the development,
manufacturing and commercialization of rare cannabinoids, today
issued the following letter from President and CEO Eric A. Adams.
Dear Shareholders, Colleagues, and
Business Partners,
I’d like to start off by sending you warm wishes
for a healthy and prosperous 2022. While another wave of the
COVID-19 pandemic continues to bring global uncertainty and an
ever-evolving business environment, we remain true to our
fundamental principles of bringing short- and long-term value to
our shareholders.
In 2021, we witnessed a rapid increase in
awareness and interest in rare cannabinoids. We strongly believe
that the therapeutic potential of this class of compounds is
extensive and largely untapped. Both the pharmaceutical and
consumer health and wellness sectors are reaching an inflection
point, and InMed’s early entry in the development of rare
cannabinoids positions us to be a leading developer and supplier to
these markets.
Building on a very strong 2021, we are looking
forward to 2022 with the continued advancement of our
pharmaceutical drug development programs and, with our acquisition
of BayMedica, transitioning to becoming a leading B2B supplier of
rare cannabinoids to the consumer health and wellness sector.
I’m very excited to provide updates on our
progress as we begin to commercialize new products and explore an
array of rare cannabinoids for their potential therapeutic
applications.
Acquisition of BayMedica, Creating a
Leader in Rare Cannabinoid Manufacturing The acquisition
of BayMedica in October 2021 brings InMed tremendous commercial
opportunities and we believe has positioned the Company as a clear
leader in rare cannabinoid manufacturing. This combination of
companies is an excellent match – bringing together synergistic
programs and expertise that will accelerate and strengthen the
combined cannabinoid programs. The acquisition of BayMedica sets
the stage for a number of key business initiatives:
- Positions the
company as a global leader in the research, development and
commercialization of rare cannabinoids;
- Provides an
immediate revenue stream through the B2B sale of rare cannabinoids
in the health and wellness sector;
- Strengthens and
diversifies our rare cannabinoid manufacturing capabilities and
expertise with the addition of yeast biosynthesis and chemical
synthesis;
- Provides access
to proprietary, patent-pending novel cannabinoid analogs for
pharmaceutical drug development; and
- Adds
significant, multifaceted expertise to our team across a variety of
research and business functions.
This acquisition was a natural fit. The
combination of our pharma-grade manufacturing process, IntegraSyn™,
and BayMedica’s revenue-generating, consumer-focused processes that
may also be suitable as a basis for pharmaceutical applications,
create a strong platform for significant growth in the cannabinoid
manufacturing space.
BayMedica’s team brings extensive expertise that
strengthens both our pharmaceutical drug development efforts and
our continued exploration of rare cannabinoids. In addition to
growing BayMedica’s commercial activities, we continue to focus on
the research and development of cannabinoid analogs and new
chemical entities for pharmaceutical purposes.
IntegraSyn™: Maximizing Production
Yield We continue to make significant strides with our
IntegraSyn™ program and hit several milestones throughout 2021. In
June, we announced that IntegraSyn™ was capable of producing an
industry-leading yield of 5 g/L. This significantly reduces the
cost of the manufacturing process, which will enable more efficient
large-scale production.
Our goal is to optimize this platform for
large-scale, pharmaceutical-grade Good Manufacturing Practice
(“GMP”) production of rare cannabinoids, with the potential to
integrate with BayMedica’s biosynthesis or chemical synthesis
manufacturing approaches. With these diverse technologies, we have
a breadth of synthetic cannabinoid manufacturing capabilities to
deliver high-quality, cost-effective rare cannabinoids for any
segment of the market from consumer packaged goods to prescription
pharmaceuticals.
Advancing Our Pharmaceutical
ProgramsOur pharmaceutical drug development programs are
integral to our business. The FDA approval pathway takes
significant time and investment but, if successful, the outcome can
be very rewarding - not only for the lives of those whom we may
impact, but also for the potential value creation for our
shareholders.
The library of novel cannabinoid analogs
developed by BayMedica gives our pharmaceutical program added
strength. We are one of only a few companies to advance a rare
cannabinoid into clinical trials. Access to BayMedica’s library of
proprietary rare cannabinoids, coupled with our cannabinoid
clinical experience, positions us to lead the industry in the
clinical development of rare cannabinoids.
INM-755 Program for the Treatment of
Epidermolysis Bullosa (“EB”): Phase 2 Trial Initiated
We’ve made great strides with our INM-755 program over the past
year. Our top-line results from our second Phase 1 clinical study,
indicating that INM-755 was safe and well-tolerated on induced open
epidermal wounds, causing no serious adverse effects, set the
groundwork to move forward to a Phase 2 efficacy trial, which we
initiated in September of 2021. This marks the first time
cannabinol (CBN) has advanced into a Phase 2 clinical trial to be
studied as a therapeutic option to treat a disease, a key milestone
as we continued to explore the therapeutic benefits of this class
of compounds. The Phase 2 study will be enrolling and treating EB
patients at thirteen targeted sites across multiple countries
throughout 2022.
INM-088 Program for the Treatment of
Glaucoma: Potential BlockbusterThroughout 2021, we
continued to advance INM-088 towards human clinical trials for
glaucoma. Our team conducted important preclinical studies
that validated the use of cannabinol (CBN) for glaucoma. Our
studies show that CBN has the potential to be an effective
neuroprotective agent for the retina ganglion cells and to reduce
intraocular pressure in preclinical glaucoma models. InMed’s
preclinical studies were recently published in a leading
international journal. In this peer-reviewed scientific article,
entitled “Cannabinol Modulates Neuroprotection and Intraocular
Pressure: A Potential Multi-Target Therapeutic Intervention for
Glaucoma”, the study results demonstrated that CBN has strong
potential as a glaucoma treatment and was more effective than CBD
and THC in these studies. This peer-reviewed research is a
significant milestone for our glaucoma program, providing important
external validation and highlighting the importance of finding a
new treatment for this damaging eye disease that affects
approximately 80 million people worldwide.
In addition, we have completed several
dose-ranging studies and conducted topline clinical study design
work with a leading clinical research organization. Key next steps
for this program include seeking regulatory authority input into
our proposed preclinical data package and preliminary clinical
trial designs.
Promising New Research into the Use of a
Rare Cannabinoid for Neurodegenerative Diseases We have
been exploring the use of a rare cannabinoid as a potential
treatment option for neurodegenerative diseases. Our research
indicated that a rare cannabinoid may inhibit or slow the
progression of neurodegenerative diseases by providing
neuroprotection and improving neuronal function. In October, InMed
filed an international patent application for the use of this rare
cannabinoid as a potential treatment of neurodegenerative diseases
such as Alzheimer’s Disease, Parkinson’s Disease, Huntington’s
Disease and others.
Financial Updates During
calendar 2021, we successfully completed two financings to fund
operations, including the acquisition of BayMedica, launching InMed
as a revenue-generating company.
As of September 30th, 2021, our cash, cash
equivalents, and short-term investments stood at $15.4 million,
significantly up from $6.1 million at September 30th, 2020,
providing us with the financial flexibility to pursue our
programs.
Looking Ahead: Revenue Growth and
Product Launches in 2022 Following the acquisition of
BayMedica, our primary and immediate focus is completing the
integration of the two companies and expediting commercial
activities. We look forward to launching several new
non-intoxicating rare cannabinoids in early 2022, including CBDV
and THCV, two high demand products in the consumer health and
wellness sector, and envisage significant revenue growth over the
coming quarters. Our unparalleled capabilities and expertise in
cannabinoid manufacturing positions us as a leader in this
burgeoning segment of the industry and sets us apart from our
competitors.
We will also continue to advance our
pharmaceutical programs, providing a unique value proposition that
combines the long-term value potential of pharmaceutical drug
development with the immediate B2B commercial opportunity within
the health and wellness sector.
Please join us for a webinar tomorrow, on
January 6, where InMed’s management team will address the
increasing demand for rare cannabinoids and discuss the Company’s
plans for 2022. To register to join the complimentary, ZOOM
webinar-based event, please visit Tribe Public LLC
at INM22.TribePublic.com. The Event is scheduled to begin
at 8am Pacific/11am Eastern on January 6, 2022.
Again, I would like to express my ongoing
gratitude to our dedicated team at InMed as well as to our industry
partners and collaborators. Their diligent commitment and effort,
navigating through the ongoing work and social restrictions of this
past year, is a testament to their steadfast dedication. I would
also like to thank you, our committed shareholders, for your
continued support and engagement throughout InMed’s journey. The
entire InMed team is delighted to have you onboard, and we would
like to extend our best wishes for a safe and prosperous 2022.
Best Regards,
Eric A. AdamsPresident
& CEO
About InMed: InMed
Pharmaceuticals is a global leader in the development,
manufacturing and commercialization of rare cannabinoids. Together
with its subsidiary, BayMedica LLC, the Company has unparalleled
cannabinoid manufacturing capabilities to serve a spectrum of
consumer markets, including pharmaceutical and health and wellness.
InMed is a clinical-stage company developing a pipeline of rare
cannabinoid therapeutics and dedicated to delivering new treatment
alternatives to patients that may benefit from cannabinoid-based
pharmaceutical drugs. For more information,
visit www.inmedpharma.com and www.baymedica.com.
Investor Contact: Colin ClancySenior Director,
Investor RelationsT: +1.604.416.0999E: cclancy@inmedpharma.com
Cautionary Note Regarding Forward-Looking
Information:
This letter 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: that the therapeutic potential of rare
cannabinoids is extensive and largely untapped; InMed becoming a
leading developer, manufacturer and supplier of rare cannabinoids;
the benefits of acquiring BayMedica including the acceleration and
strengthening the combined cannabinoid programs, the potential for
BayMedica’s processes to be suitable for pharmaceutical
applications and the potential to create a strong platform for
significant growth in the cannabinoid manufacturing space; any
potential integration of the IntegraSyn™ program with BayMedica’s
biosynthesis or chemical synthesis manufacturing approaches; that
achieving 5 g/L in the IntegraSyn™ program will significantly
reduce the cost of the manufacturing process and enable more
efficient large-scale production; being able to deliver
high-quality, cost-effective rare cannabinoids for any market
segment; being able to to lead the industry in the clinical
development of rare cannabinoids; enrolling and treating EB
patients at thirteen targeted sites across multiple countries
throughout 2022; CBN having the potential to be an effective
neuroprotective agent for retina ganglion cells and reducing
intraocular pressure; seeking regulatory authority input into the
proposed preclinical data package and preliminary clinical trial
designs for INM-088; rare cannabinoids inhibiting or slowing the
progression of neurodegenerative diseases by providing
neuroprotection and improving neuronal function; having the
financial flexibility to pursue the company’s programs; launching
several new non-intoxicating cannabinoids in early 2022, including
CBDV and THCV and achieving significant growth and increasing
revenue over the coming quarters; providing long-term value through
pharmaceutical drug development and capitalizing on the near-term
B2B commercial opportunity; and participating in the January 6,
2022 Tribe Public’s Webinar. 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. A discussion of the
risks and uncertainties facing the Company appears in the Company’s
filings with the Securities and Exchange Commission.
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, including securities laws.
A PDF accompanying this announcement is
available
at http://ml.globenewswire.com/Resource/Download/8f220c8f-5e26-4ed5-8e99-7582969d5db0
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