Why InMed Pharmaceuticals Stock Is Soaring Tuesday

InMed Pharmaceuticals Inc INM shares are trading higher Tuesday after the company said it selected a lead Alzheimer's drug candidate following positive proof-of-concept study data. 

What Happened: InMed's INM-901 demonstrated unique pharmacological effects in Alzheimer's disease in preclinical studies. The company now plans to advance the Alzheimer's candidate into its pharmaceutical drug development program.

"We are optimistic that the next stage of studies will continue to show how this cannabinoid analog can improve neuronal function, a potential breakthrough in Alzheimer's treatment," said Eric Hsu, senior vice president of preclinical research and development at InMed. 

InMed said INM-901 showed trends in improvement in cognitive function and memory, locomotor activity, anxiety-based behavior and sound awareness.

InMed focuses on pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs.

See Also: Fiserv CEO Confident in Growth After Q3 Outperformance, Raises 2023 Guidance

INM Price Action: InMed shares were up 191.4% at $1.69 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.