InMed Pharmaceuticals (IMLFF) Reports First Quarter Fiscal 2019 Financial Results

The Company’s full financial statements and related MD&A for the three months ended September 30, 2018 will be available at www.sedar.com on November 12, 2018.

“We continued to make solid progress on our operating strategy during 1Q19, which is, first and foremost, diligent execution with our leading R&D programs” stated President and Chief Executive Officer, Eric A. Adams.  Mr. Adams continued, “During the quarter, we made considerable advancements with our INM-750 program for the treatment of Epidermolysis Bullosa, and we currently believe that we remain on track to begin discussions of our clinical development plans with regulatory authorities in the first half of 2019 and for a CTA/IND filing for INM-750 in the second half of 2019.”

“Specifically, within our INM-750 program,” Mr. Adams continued, “among many other pre-clinical studies, we conducted drug permeation studies on several formulation variations.  In these studies, with our selected formulation, we demonstrated good drug penetration and adequate drug concentrations in the epidermis, which is the target tissue for INM-750.  In addition, and very importantly, we have demonstrated that the cannabinoid components in the INM-750 formulation each play important, and independent, functions for various target effects, including anti-inflammation and keratin upregulation.”

“Concerning our ongoing work in toxicology and pharmacology, we completed two types of genotoxicity studies, which demonstrated no mutagenicity with the cannabinoid components of INM-750.  In addition, we completed two 7-day dose range finding and pharmacokinetic studies for assessment of systemic toxicity.  The lack of any negative results from these studies support continued development of INM-750,” added Mr. Adams.

“During 1Q19,” Mr. Adams continued, “we also made meaningful strides to advance our proprietary biosynthesis manufacturing technology.  In particular, we announced entering into a service agreement with the National Research Council Canada (NRC) in Montreal, Canada in October, for bio-fermentation development and scale-up processes for cannabinoid biosynthesis in E. coli.  Since then, we have initiated our technology transfer from our partners at The University of British Columbia (UBC) to the NRC.  This collaboration moves us one step closer to achieving our ambition of being able to produce multiple pharmaceutical-grade cannabinoids on a commercial scale.”

Mr. Adams continued, “In addition, I’d like to reiterate a material development in strengthening our IP portfolio.  Specifically, we successfully converted our provisional patent to a PCT patent filing for ‘Metabolic Engineering of bacterium E. coli for cannabinoid products’.  We also announced that our research partner at UBC received a grant from the prestigious Natural Sciences and Engineering Research Council of Canada(NSERC) for our collaborative efforts in the biosynthesis of cannabinoids,” concluded Mr. Adams.