NetworkNewsBreaks – InMed Pharmaceuticals Inc. (
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Posted On: 09/29/2023 4:27:25 PM
NetworkNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Releases FY 2023 Report, Shares Corporate Update
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.”
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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.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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