InMed Pharmaceuticals (IN), a cannabinoid-based biopharmaceutical company, today reported its financial results for the company’s third quarter of the fiscal year 2018, which ended on March 31, 2018.
Most recently InMed commenced trading on the Toronto Stock Exchange on March 26, 2018 as well as upgraded to OTCQX from the OTCQB® Venture Market on May 4, 2018. Additionally the company continued to work on the development of its drugs INM-750 for the treatment of epidermolysis bullosa (EB) and INM-085 for the treatment of glaucoma.
InMed expects to discuss its clinical development plans for INM-750 with regulatory authorities in the second half of 2018. Recently a peer-reviewed study on INM-085 was published in Drug Delivery and Translational Research which showed promising results. The next step for the drug includes additional preclinical efficacy testing and advanced formulation development.
Despite these positive developments, the company’s losses continue to increase with a quarterly loss of $2.13 million, nearly double the losses from the same period in the previous year. ($1.24 million). During this most recent quarter, the company issued a total of 25,143,531 common shares, bringing the the total number of outstanding shares to 152,792,997.
Expenses related to research and development rose over the last year, from $0.17 million to $0.55 million. The increase in R&D spending was attributed to expense related to the advancement of INM-750 as a treatment for EB. General and administrative expenses, on the other hand, slightly decreased from $0.88 million to $0.81 million.
The company’s cash, cash equivalents and short-term investments were $13.88 million at the end of the quarter, compared to $6.71 million on June 30, 2017.
“During the third quarter of fiscal 2018, InMed continued to execute on its R&D and business strategy,” said InMed President and Chief Executive Officer, Eric A. Adams, in a statement. “InMed is making headway at establishing its leadership position as a fully-integrated cannabinoid pharmaceutical company; we are not only developing innovative therapies for the treatment of important diseases with high unmet medical needs, but are also leading the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology.”