Cannabinoids Company InMed Pharma Posts Smaller Net Loss For FY21
- InMed Pharmaceuticals Inc (NASDAQ: INM) reported an FY21 EPS loss of $(1.52) narrower than $(1.71) posted a year ago.
- On June 30, the company's cash, cash equivalents, and short-term investments were $7.4 million.
- R&D and patents expenses were $5.3 million compared to $5.8 million a year ago, primarily due to decreased purchases of the active pharmaceutical ingredients used in INM-755 trials.
- The company incurred general and administrative expenses of $4.5 million, +40% Y/Y, due to higher insurance fees and personnel expenses.
- Business Highlights:
- Last week, InMed signed a Definitive Agreement to acquire BayMedica Inc, a US-based firm specializing in the manufacture and commercialization of rare cannabinoids.
- InMed says that its proprietary cannabinoid manufacturing process, IntegraSyn, combined with BayMedica's synthetic biology and chemical synthesis capabilities, will provide an appropriate, cost-effective manufacturing method.
- Additionally, the combined company will expand commercial sales of rare cannabinoids to the consumer health and wellness sector.
- Read Next: InMed set to Become Major Player in Manufacturing of Rare Cannabinoids.
- Last month, preclinical data at the H.C. Wainwright Ophthalmology Conference demonstrated that cannabinol effectively provided neuroprotection to the retina ganglion cells and reduced intraocular pressure in glaucoma animal models.
- InMed anticipates the GLP studies for a larger scale drug product manufacturing process to be completed by mid-2022.
- In June, IntegraSyn increased the cannabinoid yield to a level of 5 g/L, significantly exceeding currently reported industry yields.
- Price Action: INM stock is up 3.83% at $1.90 during the premarket session on the last check Friday.
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