VANCOUVER, Dec. 23, 2016 /CNW/ - InMed Pharmaceuticals Inc. ("InMed" or "the Company") (CSE: IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based therapies combined with innovative drug delivery systems, today announced a year end review for 2016.
To Our Valued Shareholders:
First, I wish to express my thanks to all of our shareholders for your continued support of InMed as we build a company in what we believe is the most exciting biotech sector today: cannabinoid-based drug development. As your Company's CEO, I would like to take this opportunity to update you on recent achievements at InMed. Throughout this year, our scientific focus has been directed towards validating our drug candidate selection, using data to secure our patents and further develop key disruptive technologies. I am pleased to report on our last 12 months of achievements in this letter.
Milestones & Progress Achieved in Past Twelve Months:
- Strong biopharmaceutical expertise added to Management & Board of Directors
- Capital raising to fund continued drug/disease target identification using our proprietary bioinformatics analysis tool
- More robust analysis of existing datasets to ensure that our clinical development plans are accurate and positioned to maximize the likelihood for positive outcomes
- Validation and advancement of the biosynthesis manufacturing process; filing of provisional patents to commercially protect this key invention
- Expanded scope of opportunities for cannabinoid-based drugs by validating new drug/disease targets in in vitro and in vivo efficacy model
Management and Board Additions
InMed has been very successful in attracting highly qualified and extensively experienced biotech and pharmaceutical professionals to both the Management Team and the Board of Directors in 2016. Ms. Alex Mancini, our Sr. VP of Clinical & Regulatory Affairs, has already been very instrumental in solidifying the INM-750 development plan for epidermolysis bullosa (EB) and will continue to direct her efforts primarily towards executing on this program. Dr. Bill Garner (Chairman of the Board) has provided valuable leadership and made several key introductions on behalf of the Company for financings and strategic development. Mr. Andrew Hull (Director) has performed a detailed review of the science and status of drug development programs to help identify potential pathways towards partnerships for our many assets. Our most recent addition, Mr. Jeff Charpentier as CFO, is a 20+ year veteran of the biopharmaceutical sector and will provide valuable leadership in all financial aspects of your Company. Lastly, myself, Eric A. Adams, joined in June 2016 as your President & CEO to navigate the next several stages of corporate growth and position your Company for success. I believe InMed has now assembled an exceptionally qualified and motivated biopharmaceutical management team and Board committed to unlocking the value inherent in the breadth of assets within our Company.
InMed was successful in completing financings of $1.9M in 2016. Successful fundraising is a team effort and we would not have been able to do this without the leadership and dedication of the three founders of the Company. InMed is now well positioned to attract the new investment required to fund our aggressive growth strategies in 2017.
Epidermolysis Bullosa (EB) Development Program
Data generated in support of the EB program demonstrate that INM-750 may have a significant impact on the symptoms of EB (including accelerated wound healing and a reduction in inflammation, pain (and itch), and act as an anti-bacterial agent). Additionally, our data indicate that INM-750 may have an impact on the underlying disease by increasing keratin production in the skin. Key vendors to support the INM-750 development program have been identified and, in conjunction with access to additional funding in early 2017, we will move quickly to execute on our game plan of optimizing the final formulation, conducting key pre-clinical toxicology (safety) studies, and identifying clinical sites for the initial human clinical trial(s).
Assets such as the glaucoma drug development program (and, independently, the proprietary, once-per-day nanoparticle hydrogel formulation), the biosynthesis manufacturing process, and other new potential drug/disease targets matured in accordance with our plans during 2016. Together with our several external collaborators, we are exploring every avenue to expedite the advancement of these key assets. Several patents will be filed in 2017, at which time we can begin to publish our data and further validate to the scientific community and investor public the importance of our technologies.
Looking Ahead in 2017
InMed has a tremendous wealth of assets and Management will continue to deploy our financial and human capital towards unlocking their full potential in order bring important new therapies to patients. Our plans in the New Year will continue the path that we have been following in 2016:
- Research the fundamental benefits of cannabinoid drugs to treat diseases with high unmet medical needs; selectively advance high-potential drug candidates
- Identify and retain seasoned biopharmaceutical veterans to define and execute the drug development programs in a time- and cost-sensitive manner;
- Collaborate with biotech-savvy investor groups who are committed to realizing substantial medium and long-term returns on their investment in InMed; explore the partnership potential of the various programs and assets, and, when the ROI is meaningful, move quickly to conclude transactions.
InMed's success depends on your ongoing support and we are grateful for your continued confidence in our mission. We are committed to delivering meaningful scientific and drug innovations that will enhance the value of our Company and reward investors who join us on this journey. I look forward to updating you on the significant progress that InMed will be achieving in 2017
InMed wishes you and your family a joyful holiday season and a Happy New Year!
Eric A. Adams
President & CEO
InMed is a pre-clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. InMed's proprietary bioinformatics assessment tool, biosynthesis manufacturing process and drug development pipeline are the fundamental value drivers of the Company.
For more information, visit www.inmedpharma.com
Cautionary Note Regarding Forward-Looking Information
Forward Looking Statements
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Additionally, there are known and unknown risk factors which could cause InMed Pharmaceuticals 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.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed Pharmaceuticals 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.
These risks and uncertainties include, among others, the possibility that clinical trials will not be successful, or be completed, or confirm earlier clinical trial results, risks associated with obtaining funding from third parties, risks related to the timing and costs of clinical trials and the receipt of regulatory approvals.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE InMed Pharmaceuticals Inc.