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InMed Pharmaceuticals Reports First Quarter Fiscal 2019 Financial Results and Provides R&D and Business Update

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InMed Pharmaceuticals Inc. (CNW Group/InMed Pharmaceuticals Inc.)

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VANCOUVER, Nov. 12, 2018 /CNW/ – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (TSX:IN; OTCQX:IMLFF), a fully integrated, cannabinoid-based biopharmaceutical company that leverages its proprietary platform technologies to develop novel therapeutics for the treatment of diseases with high unmet medical needs, today reported financial results for the three months ended September 30, 2018, which is the Company’s first quarter of fiscal year 2019 (“1Q19”).

Conference Call & Webcast:
Monday, November 12, 2018 at 10:00 AM Pacific Time, 1:00 PM Eastern Time
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Conference ID: 01602924
Webcast:  https://event.on24.com/wcc/r/1869369/F1C676960976FEF685DFF9F12469BA4E

 

Replays, Available through November 19, 2018:
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Playback Passcode: 602924#

 

The Company’s full financial statements and related MD&A for the three months ended September 30, 2018 will be available at www.sedar.com on November 12, 2018.

“We continued to make solid progress on our operating strategy during 1Q19, which is, first and foremost, diligent execution with our leading R&D programs” stated President and Chief Executive Officer, Eric A. Adams.  Mr. Adams continued, “During the quarter, we made considerable advancements with our INM-750 program for the treatment of Epidermolysis Bullosa, and we currently believe that we remain on track to begin discussions of our clinical development plans with regulatory authorities in the first half of 2019 and for a CTA/IND filing for INM-750 in the second half of 2019.”

“Specifically, within our INM-750 program,” Mr. Adams continued, “among many other pre-clinical studies, we conducted drug permeation studies on several formulation variations.  In these studies, with our selected formulation, we demonstrated good drug penetration and adequate drug concentrations in the epidermis, which is the target tissue for INM-750.  In addition, and very importantly, we have demonstrated that the cannabinoid components in the INM-750 formulation each play important, and independent, functions for various target effects, including anti-inflammation and keratin upregulation.”

“Concerning our ongoing work in toxicology and pharmacology, we completed two types of genotoxicity studies, which demonstrated no mutagenicity with the cannabinoid components of INM-750.  In addition, we completed two 7-day dose range finding and pharmacokinetic studies for assessment of systemic toxicity.  The lack of any negative results from these studies support continued development of INM-750,” added Mr. Adams.

“During 1Q19,” Mr. Adams continued, “we also made meaningful strides to advance our proprietary biosynthesis manufacturing technology.  In particular, we announced entering into a service agreement with the National Research Council Canada (NRC) in Montreal, Canada in October, for bio-fermentation development and scale-up processes for cannabinoid biosynthesis in E. coli.  Since then, we have initiated our technology transfer from our partners at The University of British Columbia (UBC) to the NRC.  This collaboration moves us one step closer to achieving our ambition of being able to produce multiple pharmaceutical-grade cannabinoids on a commercial scale.”

Mr. Adams continued, “In addition, I’d like to reiterate a material development in strengthening our IP portfolio.  Specifically, we successfully converted our provisional patent to a PCT patent filing for ‘Metabolic Engineering of bacterium E. coli for cannabinoid products’.  We also announced that our research partner at UBC received a grant from the prestigious Natural Sciences and Engineering Research Council of Canada (NSERC) for our collaborative efforts in the biosynthesis of cannabinoids,” concluded Mr. Adams.

Results of Operations (expressed in Canadian Dollars):

  • For 1Q19, the Company recorded a comprehensive net loss of $2.8 million, or $0.02 per share, compared with a comprehensive net loss of $1.8 million, or $0.01 per share, for the three months ended September 30, 2017 (“1Q18”). The primary reason for the increase in the comprehensive net loss in 1Q19 compared to 1Q18 in fiscal year 2018 was an increase in non-cash, share-based payments, in connection with the grant of stock options, which was $1.4 million for 1Q19, compared with $0.6 million for 1Q18, with the increase attributable to stock options granted during the second half of fiscal 2018.
  • Research and development expenses were $0.63 million for 1Q19, compared with $0.38 million for the three months ended September 30, 2017. The increase in research and development expenses in 1Q19 as compared to 1Q18 was primarily due to increased spending with external contractors for work associated with preclinical studies and formulation work for INM-750 together with increased spending on the Company’s biosynthesis program, as well as higher R&D personnel compensation as a result of increased R&D staffing.
  • The Company incurred general and administrative expenses of $0.81 million for 1Q19, compared with $0.84 million for the three months ended September 30, 2017. The decrease in general and administrative expenses in 1Q19 as compared to 1Q18 was primarily due to decreased spending on investor relations activities that more than offset increased personnel compensation that reflects increased staffing, reflective of the growth in the Company’s operations.
  • At September 30, 2018, the Company’s cash, cash equivalents and short-term investments were $24.8 million, which compares to $26.5 million at June 30, 2018. During 1Q19, the Company’s cash, cash equivalents and short-term investments decreased by $1.7 million, which resulted primarily from cash outflows from operating activities.
  • At September 30, 2018, the Company’s total issued and outstanding shares were 170,883,633. Including outstanding stock options and warrants, as at September 30, 2018, the Company had 221,291,290 shares on a fully diluted basis. During 1Q19, the weighted average number of common shares was 170,856,278, which is used for the calculation of loss per share.

Table 1:  Condensed consolidated interim statements of financial position (un-audited):

InMed Pharmaceuticals Inc. 
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (un-audited)
As at September 30, 2018 and June 30, 2018
Expressed in Canadian Dollars
September 30 June 30
2018 2018
ASSETS
Current
Cash and cash equivalents $ 17,392,246 $ 24,134,277
Short-term investments 7,384,854 2,342,615
Taxes recoverable 20,321 53,373
Prepaids and advances 210,994 203,477
Total current assets 25,008,415 26,733,742
Non-Current
Property and equipment 50,450 55,732
Intangible assets 1,250,760 1,273,670
Total Assets $ 26,309,625 $ 28,063,144
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Trade payables 590,424 937,759
SHAREHOLDERS’ EQUITY
Share capital 68,079,139 68,058,698
Contributed surplus 11,796,358 10,381,759
Accumulated deficit (54,156,296) (51,315,072)
25,719,201 27,125,385
$ 26,309,625 $ 28,063,144

 

Table 2:  Condensed consolidated interim statements of comprehensive loss (un-audited):

InMed Pharmaceuticals Inc.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (un-audited)
For the three months ended September 30, 2018 and September 30, 2017
Expressed in Canadian Dollars
2018 2017
Expenses
General and administrative $ 813,036 $ 841,340
Research and development 627,094 377,116
Amortization and depreciation 31,041 26,626
Foreign exchange loss 56,836 4,524
Share-based payments 1,423,790 570,548
Total expenses 2,951,797 1,820,154
Interest income 110,573
Loss before other items (2,951,797) (1,820,154)
Total comprehensive loss for the period $ (2,841,224) $ (1,820,154)
Basic and diluted loss per share for the period $ (0.02) $ (0.01)

Table 3:  Condensed consolidated interim statements of cash flows (un-audited):

InMed Pharmaceuticals Inc.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (un-audited)
For the three months ended September 30, 2018 and September 30, 2017
Expressed in Canadian Dollars
2018 2017
OPERATING ACTIVITIES
Cash flows from operating activities
Loss for the year $ (2,841,224) $ (1,820,154)
Adjustments to reconcile loss to net cash used in operating activities
  Amortization and depreciation 31,041 26,626
  Share-based payments 1,423,790 570,548
  Shares issued for services
  Accrued interest income on short-term investments (13,487)
Changes in non-cash working capital balances:
  Prepaids and advances (7,517) 40,943
  Taxes recoverable 33,052 35,180
  Trade payables (347,335) (202,750)
Total cash outflows from operating activities (1,721,680) (1,349,607)
Cash Flows From Investing Activities
Purchase of short-term investments (5,028,752)
Purchase of property and equipment (2,849) (4,427)
Total cash outflows from investing activities (5,031,601) (4,427)
Cash Flows From Financing Activities
Subscriptions received
Shares issued for cash 11,250 679,000
Share issue costs
Cash provided by financing activities 11,250 679,000
Decrease in cash during the period (6,742,031) (675,034)
Cash and cash equivalents beginning of the period 24,134,277 6,707,796
Cash and cash equivalents end of the period $ 17,392,246 $ 6,032,762

 

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