InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, is reporting on the financial results for its fiscal year 2023, the period ending June 30, 2023. In addition, the company provided a status update on its pharmaceutical drug-development programs as well as the commercial segment for BayMedica LLC, its wholly owned subsidiary. Highlights of the report include total sales for subsidiary BayMedica of rare cannabinoids in the health and wellness sector reaching $4.1 million, an increase of 280% over the previous fiscal year and $2.3 million in revenue for the three months ended June 30, 2023, a quarter-over-quarter increase of 123%; cash, cash equivalents and short-term investments reached $9 million; completion of the phase 2 clinical trial studying the treatment of Epidermolysis Bullosa (“EB”); the launch of the INM-900 series preclinical program targeting the treatment of neurodegenerative diseases, including Alzheimer’s, Huntington’s and Parkinson’s disease; and the publication of a peer-reviewed study showing the anti-inflammatory potential of rare cannabinoids in skin conditions.
In addition, the company reported a net loss for the fiscal year of $7.9 million, a decrease from the $18.6 million loss reported the previous year. “In fiscal year 2023, the company’s wholly owned subsidiary, BayMedica, achieved substantial revenue growth via the supply of rare cannabinoids as ingredients to the health and wellness sector,” said InMed Pharmaceuticals CEO Eric A. Adams in the press release. “In the January to June timeframe, BayMedica experienced substantial growth, as evidenced by two consecutive quarters of significant revenue increases. While we expect some fluctuations in revenue as ordering patterns in this developing market still mature, we remain optimistic about the long-term growth potential in the rare cannabinoids sector as the business dynamics and commercial opportunities continue to mature. Additionally, we continue to advance our pharmaceutical pipeline using rare cannabinoids for potential therapeutic applications in dermatology, ocular and neurodegenerative disease.”
To view the full press release, visit https://ibn.fm/rcsQH
About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, please visit www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://ibn.fm/INM
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