InMed Pharmaceuticals is a Vancouver-based biopharmaceutical company focusing on developing therapies using rare cannabinoids, particularly for treating neurodegenerative, dermatological, and ocular diseases. InMed’s research and product pipeline are primarily centered on leveraging synthetic cannabinoids, like cannabinol (CBN), to address unmet medical needs across several disease areas.
One of their promising products, INM-755, is a topical CBN cream aimed at treating epidermolysis bullosa, a rare skin disorder. Recent Phase 2 trials showed encouraging results in reducing symptoms, which has spurred the company to pursue potential partnerships for advancing the treatment further. InMed has also been actively working on their INM-900 series for neurodegenerative diseases such as Alzheimer’s, Huntington’s, and Parkinson’s, and recently launched INM-089, a CBN analog targeting age-related macular degeneration (AMD). Early research has shown INM-089’s ability to preserve retinal function and improve outcomes in AMD, which is a leading cause of vision loss among the elderly.
Beyond their focus on drug development, InMed’s subsidiary BayMedica has shown substantial growth in commercial sales of rare cannabinoids for wellness products. This expansion has helped the company financially, increasing its revenues significantly over the past fiscal year.
In terms of funding, while InMed has faced financial challenges, including a recent delisting warning from NASDAQ, the company has successfully appealed and continues to advance its research and development programs. Their recent growth in both research outcomes and revenue marks a positive trajectory, particularly with new studies indicating that cannabinoids like CBN may hold significant therapeutic potential.
InMed Pharmaceuticals (NASDAQ: INM) has announced a 1-for-20 share consolidation to regain compliance with Nasdaq’s listing requirements. The consolidation will reduce outstanding shares from 14,361,550 to approximately 718,078 common shares. The post-consolidation shares are expected to begin trading on Nasdaq Capital Market on November 15, 2024. While the the impending threat of delisting has been abated, concerns still remain about the potential future of the company as such large consolidations are not typically a good sign.
