InMed Pharmaceuticals
Biotech

InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) Files Patent Application for Proprietary Glaucoma Therapy

In spite of the recent upturn in its fortunes, InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) still has some distance to cover if it is to become profitable. After a major fall in its value between March and May 2018, the stock has begun to steady somewhat and with recent news of its uplisting and the patent of its new innovation, it is expected that it will be on the rise soon.

First, take a look at the stock’s price movement:

IMLFF Daily Chart

Company Overview

InMed Pharmaceuticals, Inc. was formed in May 1981 by founded by Christopher Bogart and Craig Schneider and its head office is located in Vancouver, Canada. InMed Pharmaceuticals is a medical platform biotechnology company which engages in the development of cannabinoids drug design platform. Its product pipeline includes INM-750 for the treatment of epidermolysis bullosa and INM-085 for the treatment of glaucoma.

Recent Developments

The firm recently announced that it had submitted an application for a Patent Cooperation Treaty (“PCT”) for INM-085, being a cannabinoid-based topical treatment for glaucoma. This application is for the defense from the use of its technology in an estimated one hundred and fifty countries with the United States included, with the priority date taken from May 8, 2018. The filing of the Patent Cooperation Treaty, which is a change from the patent originally filed in May 2017, is seen as a critical step in delivering both commercial and intellectual protection for this treatment.

CEO and President of Inmed Pharmaceuticals, Eric. A. Adams explained that with the filing of this patent application, the firm is simply continuing the procedure required for of pursuing commercial protection for its proprietary innovations for the next twenty years. This is especially critical to the firm as it commences further pre-clinical studies of the INM-085 therapy while pursuing starting discussions with possible partners. He added that while glaucoma is definitely a major opportunity, there is a belief that the firm’s creations provide remedies, which go beyond the single instance. The level of research in the program confirms InMed’sstate-of-the-art technology, which combines our novel drug-disease focused platform, efficient biosynthesis procedure for cannabinoid production and provision of therapeutic merchandise to targeted diseased tissues.

InMed is also creating a stimulus-responsive, nanoparticle-laden vehicle for the controlled provision of ophthalmic drugs to be introduced into the aqueous humor of the eye. The initial usage of this vehicle will be for INM-085 as a cannabinoid-based topical treatment to diminish the intraocular pressure related to glaucoma. INM-085 is planned for application as a once-per-day eye drop to be applied immediately before patients go to sleep, with the intention to help in reducing the huge rate of non-adherence with present glaucoma therapies.

 In May 2018, it was announced that InMed Pharmaceuticals had been upgraded to OTCQX from the OTCQB Venture Market.

The firm began trading on OTCQX using its already existing over-the-counter symbol “IMLFF.” Current financial disclosure and real-time level quotes of the company remain available online.

OTC Markets Group, Vice President of Corporate Services, Jason Paltrowitz explained the exchange’s delight in adding InMed Pharmaceuticals to the OTCQX Best Market. The upgrade to OTCQX allows InMed Pharmaceuticals, which recently joined Canada’s Toronto Stock Exchange, to continue to increase its availability to U.S. investors. He went on to congratulate the firm on accomplishing this critical milestone.

Financial Performance

For 2017, there were no revenues reported, a trend which has continued from as far back as 2014. It is expected that in years to come, the firm will experience a larger increase in sales and generate revenues from the sale of its recently developed product.

In the same period, cost of sales rose by 12%, while operating expenses jumped by 91%, an indicator that the firm may have lost some of its operational efficiency while also investing in additional research. As there was no operating income, operating loss for the year was recorded at $4.47 million. It should be noted that it is a regular trend for developing companies to be unable to generate revenues while still incurring costs in the growth years.

Net loss for the year was $4.47 million, a corresponding 91% rise from the prior year loss of $2.38 million revealing that the income statement consisted mostly of its operating and cost of sales expenses for the year.

The statement of financial position reveals that the firm is not highly geared, owing to the recent influx of cash into the business. On its books, its total debt is worth just $0.4 million, resulting in a low debt-to-equity ratio of 0.04. It also has a very high liquidity ratio of 20.85.

Conclusion

The success of IMLFF’s recent upgrade to OTCQX is good news and is likely to provoke a positive reaction from the market.

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.

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InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) Files Patent Application for Proprietary Glaucoma Therapy
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