Cannabinoids Company InMed Pharma Posts Smaller Net Loss For FY21

InMed Pharmaceuticals Inc 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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