Despite Global Economic Pressures, InMed Pharma's Accomplishments In 2022 Could Be A Catalyst For Further Growth In 2023

InMed Pharmaceuticals Inc. INM, a biopharmaceutical company that is dedicated to advancing research and therapies for a wide range of medical conditions, has reported that it has made some significant strides in the development of treatments for epidermolysis bullosa, glaucoma, and neurodegenerative diseases.

The company’s work to advance research and therapies could represent a major step forward in the fight against these debilitating conditions. Aside from that, InMed’s innovative approach to drug development has attracted the attention of investors and medical professionals alike.

Epidermolysis bullosa (EB) is a rare genetic disorder that affects the skin and mucous membranes, causing severe blistering and ulceration. The disease can be excruciating and debilitating, and currently, no effective treatments are available.

EB is estimated to occur in 20 newborns per one million live births in the U.S. While the exact number of persons with EB is unclear, estimates suggest that 25,000 to 50,000 people in the U.S. have EB. InMed is working to develop a topical therapy for EB that could help reduce the severity of symptoms and improve the overall quality of life for patients.

Another area the company is advancing research and therapies into is glaucoma, a condition that affects the eyes, causing damage to the optic nerve and potentially leading to vision loss. It is a leading cause of blindness worldwide, and there are currently no cures for the disease.

Based on prevalence studies, it is estimated that 79.6 million individuals will have glaucoma in 2020, and this number is likely to increase to 111.8 million individuals in 2040. Unfortunately, half of those with glaucoma are unaware that they are affected. InMed reports that its therapy for the condition has shown promising results in preclinical studies.

The company is also developing a pipeline of therapies for neurodegenerative diseases that could help slow the progression of these conditions and improve symptoms. Neurodegenerative diseases affect the brain and nervous system, causing a gradual decline in cognitive and motor functions. These diseases include Alzheimer’s, Parkinson’s, and Huntington’s disease, among others.

Business Update And 2022 Milestones

Investors are always looking for companies showing growth, and if their January 10 update outlining key accomplishments from 2022 is anything to go by, then InMed could definitely garner some eyeballs. In the same report, InMed also provided business updates and catalysts for 2023.

“Over the course of 2022, we strengthened our position as a leader in rare cannabinoid R&D (research and development), creating a unique offering as the only company that has the breadth and depth in cannabinoid drug research, development and significant manufacturing know-how,” Eric A. Adams, InMed President and CEO said while commenting on the company’s performance.

Interestingly, despite the many economic pressures affecting businesses on a global scale, including challenging capital markets – particularly in biotech – Adams revealed that InMed “was able to advance its programs and achieve a number of key milestones. As we move forward into 2023, we are very encouraged by the strength of our pharmaceutical programs, with several material milestones anticipated in the coming quarters.”

Last year, the company also raised in excess of $16 million through several financings to fund the advancement of pharmaceutical programs and corporate activities this year.

InMed‘s Clinical Trial Program Moving Forward In 2023

InMed is currently advancing research and development and studies in four categories of drug candidates – INM-755 (for the treatment of Epidermolysis bullosa (EB)), INM-088 (potential treatment for glaucoma), INM-900 (for neurodegenerative disease), and analogs (New chemical entities).

A closer look at the company’s business update and upcoming milestones shows that the company targets a complete Phase 2 clinical trial enrollment in Epidermolysis Bullosa in 1Q 2023. Additionally, InMed hopes to progress preclinical research in glaucoma in preparation for human trials while advancing research using rare cannabinoids in treating neurodegenerative diseases such as Alzheimer’s, Huntington’s and Parkinson’s.

How Things Stand For InMed – Pipeline Overview

INM-755 — Phase 2 Clinical Trial In The Treatment Of Epidermolysis Bullosa

Out of a targeted 20 patients, the company reports it has enrolled 17 for the Phase 2 clinical trial. The company hinted that it would extend the enrollment period to the end of March 2023 as several additional prospective patients have been identified for screening at the clinical sites.

InMed elucidates that the clinical trial is evaluating the safety of INM-755 cannabinol cream and its preliminary efficacy in treating symptoms of itching, pain and wound healing in patients with epidermolysis bullosa. As the trial is double-blinded, the company notes it will remain blinded to INM-755 treatment outcomes until the last patient has completed treatment and the database is locked and analyzed.

INM-088 — Advancing Toward Human Trials

Turning attention to the company’s candidate for the potential treatment for glaucoma, InMed reports conducting the required preclinical work, including toxicology studies, and has planned several Good Laboratory Practice (GLP) studies in 2023 in advance of human clinical trials. Outcomes from a pre-IND meeting with the United States Food and Drug Administration (FDA) in 2022 provided the company with important feedback on the proposed preclinical studies and for the design of human clinical trials.

Advancing to human trials for a disease with a very large patient population like glaucoma will be a significant development for the company. InMed adds that it is on track to begin this clinical trial in 2024.

INM-900 — Developing A New Approach In Neurodegenerative Disease

Cannabinoids have been known to be highly lipophilic and can cross the blood-brain barrier, making the non-psychedelic cannabinoids attractive pharmaceutical agents for targeting neurological disorders. InMed expanded its pipeline this year with the addition of its neurodegenerative disease program.

Following recent promising preclinical data, InMed says it plans to accelerate its INM-900 program for the potential treatment of neurodegenerative diseases such as Alzheimer’s Disease, Parkinson’s Disease, and Huntington’s Disease. “Our research demonstrated the neuroprotective effects of specific cannabinoid analogs and their potential to improve neuronal function,” the company said.

Already, InMed is hinting that two cannabinoid analogs are being assessed in vivo models of neurodegenerative disease and that their approach may target multiple novel disease pathways versus the majority of drugs currently in clinical development for these diseases. The company expects these studies to be completed and a candidate selected for further development in calendar 2Q of 2023.

Novel Cannabinoid Analogs — Protecting The R&D Investment

“InMed continues to develop a valuable library of novel, proprietary cannabinoid analogs. These analogs are being selectively screened and developed for targeting specific disease outcomes, safety profiles, and/or pharmacological properties such as improved delivery,” the company said in the update.

Additionally, InMed is optimistic that these novel cannabinoid analogs are patentable, increasing their commercial attractiveness for internal development or as licensing candidates to other drug development companies.

BayMedica Commercial Business And Development

Apart from the developments in its pipeline, during the first half of 2022, the company’s efforts were primarily focused on advancing the commercial side of its business following the acquisition of BayMedica on October 13, 2021.

In 2022 as well, BayMedica supplied highly pure rare cannabinoids for use in Radicle Science Inc.’s Radicle Energy rare cannabinoid study to assess the effects of delta-9 THCV on energy, focus and attention, appetite and weight and body mass index (BMI).

Financing Activities And Results Of Operations

InMed reported in its Q2 fiscal 2023 financial results and business update that the company continues to be a leading producer of cannabichromene (CBC) with increased revenue in the last two quarters, including a 46% quarter-over-quarter increase in fiscal 2Q 2023. “Management continues to evaluate strategic options and long-term supply agreements for this business segment,” the company said.

The company revealed in a business update and milestones for 2023 that it has raised in excess of $16 million through several financings to fund the advancement of pharmaceutical programs and corporate activities this year.

InMed says it continuously evaluates and pursues business development opportunities strategically aligning with its current direction and pharmaceutical programs. The company adds that it has a projected cash runway into early 2024, allowing it to hit certain material milestones over the coming year, which it believes will increase shareholder value.

Read the full Q2 fiscal 2023 financial results and business update here.

 

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