InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) On The Comeback Trail

InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) is a stock that has served us and our readers well in the past. We haven't covered it in quite a while as the stock has been on a slow and steady downtrend. However, things are starting to pick up again for IMLFF. As we dig deeper and take a close look at InMed, the lows look to be in for the stock. IMLFF Daily ChartBackgroundFirst up, for those that aren't familiar with InMed, here's a little background info. 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 database drug/disease targeting tool, cannabinoid biosynthesis technology, and drug development pipeline are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com.Canadian Government FundingLast month, InMed received a grant for up to C$500,000 from the National Research Council Canada Industrial Research Assistance Program to support InMed's ongoing R&D efforts in cannabinoid biosynthesis. NRC IRAP provides advisory services and funding to Canadian businesses to promote accelerated growth and technology innovation.In particular, funding from NRC IRAP will be applied to improve production of the different components of the terpenoid biosynthetic pathway, a pre-cursor of cannabinoid production, as well as research and development supporting up-stream and down-stream scale-up activities conducted by InMed's contract development and manufacture organizations. The funding will be received over the next 18 months. The Company also continues its efforts to further diversify the number of cannabinoids produced using its technology platform. Dr. Eric C. Hsu, Ph.D., InMed's Vice President, Pre-Clinical Research & Development said:

"Manufacturing of pharmaceutical grade cannabinoids remains a major challenge to the industry. We are extremely honored to receive this non-dilutive investment from NRC IRAP. This funding will support our on-going efforts to establish a leadership position in the field of cannabinoid biosynthesis."

INM-750The crown jewel of the company's R&D program is its INM-750 program. On the last update, the company said:

"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... 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...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 the continued development of INM-750."

Bottom LineCurrently trading with a market cap of $79 million, IMLFF is an exciting story among small caps. Investors need to keep in mind that IMLFF has almost $25 million in cash. It is one of the best-funded small caps trading on the OTC Markets. The recent run-up is most likely due to investors realize how cheap IMLFF remains considering the cash on its balance sheet and upcoming developments concerning the INM-750 program. We expect some major announcements from InMed over the next few weeks and months. We believe this comeback is just getting started and now it's just a matter of how far the stock can run.We will be updating our subscribers as soon as we know more. For the latest updates on IMLFF, sign up below!Disclosure: We have no position in IMLFF and have not been compensated for this article.Image courtesy of Pexels