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Share Name | Share Symbol | Market | Type |
---|---|---|---|
InMed Pharmaceuticals Inc | NASDAQ:INM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0089 | 3.08% | 0.2974 | 0.2904 | 0.315 | 15,219 | 09:09:09 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Company as Specified in Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
InMed Pharmaceuticals Inc. |
||
(Address of Principal Executive Offices) | (Zip Code) |
Company’s telephone number, including
area code: (
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On July 20, 2023, the Company provided a commercial and manufacturing update on its subsidiary BayMedica LLC (“BayMedica”), a leading supplier of bioidentical rare cannabinoids to the Health and Wellness (“H&W”) market.
The information set forth in this Item 7.01, including Exhibits 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
The following exhibits shall be deemed to be furnished, and not filed:
Exhibit No. | Description | |
99.1 | News release, dated July 20, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included as Exhibit 101) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INMED PHARMACEUTICALS INC. | ||
Date: July 20, 2023 | By: | /s/ Eric A Adams |
Eric A Adams | ||
President & CEO |
2
Exhibit 99.1
![]() |
NASDAQ: INM
Suite 310-815 W. Hastings St. Vancouver, BC, Canada V6C 1B4 Tel: +1.604.669.7207 Email: info@inmedpharma.com www.inmedpharma.com |
InMed Provides Update on BayMedica Rare Cannabinoid Business
● | $2.3M revenues (unaudited) in Q4 2023, representing 123% increase quarter over quarter (“QoQ”) |
● | Optimized and scaled up manufacturing processes over the last 12 months to meet increasing demand |
● | Third consecutive quarter with significant revenue growth |
Vancouver, BC – July 20, 2023 – InMed Pharmaceuticals Inc. (“InMed”) (Nasdaq: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, today provided a commercial and manufacturing update on its subsidiary BayMedica LLC (“BayMedica”), a leading supplier of bioidentical rare cannabinoids to the Health and Wellness (“H&W”) market.
“We are very encouraged to see another strong quarter with (unaudited) revenues in excess of $2.3M, representing our third consecutive quarter with significant revenue growth.” said Eric A. Adams, InMed’s President and CEO. He added, “As demand for minor cannabinoids continues to increase, we see a potential path for BayMedica to become a profitable standalone business subsidiary and contribute margin to the pharmaceutical R&D parent.”
BayMedica Growing Revenue (Unaudited)
● | $2.3M in revenue for the three months ended June 30, 2023, a 123% increase QoQ |
● | Third consecutive quarter of strong revenue growth and the second consecutive quarter with growth exceeding 100% QoQ. |
● | Total revenues of $4.1M in fiscal year 2023, representing a 276% increase over the previous fiscal year |
Supply Chain Optimization
As revenues have grown steadily over the past several months, BayMedica has been diligently working to ensure sufficient inventory to meet the increasing demand of its bioidentical rare cannabinoids. BayMedica has been focused on creating redundancy at both ends of the supply chain by securing more sources of raw materials as well as securing additional downstream purification partners. In addition, BayMedica has recently hired a director for manufacturing and logistics to oversee the supply chain function and manage third party vendors.
Increased Production
BayMedica, through its manufacturing partners, has steadily increased manufacturing throughput to maintain supply of finished goods to meet customer demand over the last 12 months. With completed and ongoing process improvements, BayMedica has the capability to potentially scale production to metric tonnes (thousands of kilograms) should demand continue to rise.
Product Portfolio
BayMedica is a leading high quality, low cost supplier of non-intoxicating bioidentical rare cannabinoids for the H&W sector: cannabichromene (CBC), delta-9 tetrahydrocannabivarin (THCV), cannabidivarin (CBDV) and cannabicitran (CBT). BayMedica continues to optimize its manufacturing processes and supply chain logistics to reduce the overall cost of goods, while also improving the already high quality and purity levels for all products in its portfolio.
“We have seen demand for rare cannabinoids surge over the past year, and we are pleased to have been able to increase production to meet the needs of our customers,” commented Shane Johnson, General Manager of BayMedica. “We attribute the increasing demand, in part, to better research of rare cannabinoids, companies and brands looking for product innovation and effects-based outcomes, and the ability of companies like ours to be able to reliably supply high quality rare cannabinoids with low batch-to-batch variations. We are pleased to have established ourselves as a leading supplier of rare cannabinoids in this fast-growing yet still nascent market.”
Although InMed experienced revenue growth for the fourth quarter in the BayMedica segment, management expects to report an overall net loss for the year ended June 30, 2023. InMed plans to file a 10-K with audited financial statements, including audited revenue figures, in the second half of September 2023.
About InMed:
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. We also have significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, visit www.inmedpharma.com and www.baymedica.com.
Investor Contact:
Colin Clancy
Vice President, Investor Relations
and Corporate Communications
T: +1.604.416.0999
E: cclancy@inmedpharma.com
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: Q4 2023 revenue and revenue growth, the effectiveness of ongoing process improvements, and increasing demand for rare cannabinoids.
Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed’s stand-alone business is disclosed in InMed’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission on www.sec.gov.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Cover |
Jul. 20, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 20, 2023 |
Entity File Number | 001-39685 |
Entity Registrant Name | INMED PHARMACEUTICALS INC. |
Entity Central Index Key | 0001728328 |
Entity Tax Identification Number | 98-1428279 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | Suite 310 - 815 W. Hastings Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C 1B4 |
City Area Code | 604 |
Local Phone Number | 669-7207 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | INM |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
1 Year InMed Pharmaceuticals Chart |
1 Month InMed Pharmaceuticals Chart |
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