PR Newswire
VANCOUVER, Nov. 8, 2019
VANCOUVER, Nov. 8, 2019 /PRNewswire/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (TSX: IN; OTCQX: IMLFF), a biopharmaceutical company developing a proprietary biosynthesis manufacturing technology for the production of pharmaceutical-grade cannabinoids as well as a pipeline of medications targeting diseases with high unmet medical needs, today reported financial results for the three months ended September 30, 2019, which is the Company's first quarter of fiscal year 2020 ("1Q20").
Conference Call & Webcast:
Friday, November 8, 2019 at 9:00 AM Pacific Time, 12:00 PM Eastern Time | |
Local - Toronto | +1-647-427-7450 |
Local - Vancouver | +1-778-371-9827 |
Toll Free - North America | +1-888-231-8191 |
Conference ID: | 4858497 |
Webcast: https://event.on24.com/wcc/r/2130453/2F3067289A74B03F88649F9143706484 |
Replays, Available through November 15, 2019:
Toronto: | +1-416-849-0833 |
North America (Toll Free): | +1-855-859-2056 |
Playback Passcode: | 4858497 # |
The Company's full financial statements and related MD&A for the three months ended September 30, 2019 will be available at www.sedar.com on November 8, 2019.
"During the first quarter of fiscal 2020, InMed made a significant step with the submission of its Clinical Trial Application to regulatory authorities to seek permission to begin human clinical trials with INM-755," stated President and Chief Executive Officer, Eric A. Adams. "We continue to make meaningful progress with our lead programs, including INM-755 for EB, INM-088 in glaucoma, and the biosynthesis manufacturing platform. The Company looks forward to communicating our progress on a regular basis to the broader North American and international investment communities," concluded Mr. Adams.
Research & Development Update:
Results of Operations (expressed in Canadian Dollars):
Table 1: Condensed consolidated statements of financial position (un-audited):
InMed Pharmaceuticals Inc. | |||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (un-audited) | |||||
As at Septemebr 30, 2019 and June 30, 2019 | |||||
Expressed in Canadian Dollars | |||||
September 30, | June 30, | ||||
2019 | 2019 | ||||
Audited | |||||
ASSETS | |||||
Current | |||||
Cash and cash equivalents | $ | 14,708,963 | $ | 12,873,961 | |
Short-term investments | 57,925 | 5,165,093 | |||
Accounts receivable | 40,088 | 84,987 | |||
Prepaids and advances | 248,306 | 424,275 | |||
Total current assets | 15,055,282 | 18,548,316 | |||
Non-Current | |||||
Property and equipment, net | 647,391 | 55,829 | |||
Intangible assets, net | 1,159,871 | 1,184,720 | |||
Total Assets | $ | 16,862,544 | $ | 19,788,865 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current | |||||
Accounts payables and accrued liabilities | 1,367,868 | 1,562,865 | |||
Current portion of lease obligations | 94,205 | - | |||
Total current liabilities | 1,462,073 | 1,562,865 | |||
Non-current | |||||
Lease obligations | 409,719 | - | |||
1,871,792 | 1,562,865 | ||||
SHAREHOLDERS' EQUITY | |||||
Share capital | 68,579,890 | 68,579,890 | |||
Contributed surplus | 14,867,791 | 14,216,224 | |||
Accumulated deficit | (68,456,929) | (64,570,114) | |||
14,990,752 | 18,226,000 | ||||
$ | 16,862,544 | $ | 19,788,865 |
Table 2: Condensed consolidated statements of operations and comprehensive loss (un-audited):
InMed Pharmaceuticals Inc. | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (un-audited) | ||||||
For the three months ended Septmber 30, 2019 and 2018 | ||||||
Expressed in Canadian Dollars | ||||||
Three Months Ended | ||||||
September 30, | ||||||
2019 | 2018 | |||||
Expenses | ||||||
Research and development | $ | 2,331,788 | $ | 627,094 | ||
General and administrative | 958,331 | 813,036 | ||||
Amortization and depreciation | 43,284 | 31,041 | ||||
Share-based payments | 651,567 | 1,423,790 | ||||
Total operating expenses | 3,984,970 | 2,894,961 | ||||
Other Income (Loss) | ||||||
Interest income | 77,119 | 110,573 | ||||
Foreign exchange gain (loss) | 21,036 | (56,836) | ||||
Total net and comprehensive loss for the period | $ | (3,886,815) | $ | (2,841,224) | ||
Basic and diluted loss per share for the period | $ | (0.02) | $ | (0.02) | ||
Basic and diluted weighted average number of common shares outstanding | 172,283,633 | 170,856,278 |
Table 3: Condensed consolidated statements of cash flows (un-audited):
InMed Pharmaceuticals Inc. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (un-audited) | |||||
For the years ended June 30 | |||||
Expressed in Canadian Dollars | |||||
2019 | 2018 | ||||
OPERATING ACTIVITIES | |||||
Cash flows from operating activities | |||||
Net loss for the year | $ | (3,886,815) | $ | (2,841,224) | |
Adjustments to reconcile loss to net cash used in operating activities | |||||
Amortization and depreciation | 43,284 | 31,041 | |||
Share-based payments | 651,567 | 1,423,790 | |||
Loss on sales of assets | 1,070 | - | |||
Accrued interest income on short-term investments | 107,168 | (13,487) | |||
Changes in non-cash working capital balances: | |||||
Prepaids and advances | 111,053 | (7,517) | |||
Accounts receivable | 44,899 | 33,052 | |||
Accounts payable and accrued liabilities | (194,997) | (347,335) | |||
Total cash outflows from operating activities | (3,122,771) | (1,721,680) | |||
Cash Flows From Investing Activities | |||||
Purchase of short-term investments | 5,000,000 | (5,028,752) | |||
Purchase of property and equipment | (42,953) | (2,849) | |||
Proceeds on disposal of property and equipment | 726 | - | |||
Total cash outflows from investing activities | 4,957,773 | (5,031,601) | |||
Cash Flows From Financing Activities | |||||
Shares issued for cash | - | 11,250 | |||
Cash provided by financing activities | - | 11,250 | |||
Increase in cash during the year | 1,835,002 | (6,742,031) | |||
Cash and cash equivalents beginning of the year | 12,873,961 | 24,134,277 | |||
Cash and cash equivalents end of the year | $ | 14,708,963 | $ | 17,392,246 |
The Company's full financial statements and related MD&A for the three months ended September 30, 2019 are available at www.sedar.com.
About InMed:
InMed Pharmaceuticals is a biopharmaceutical company developing a proprietary biosynthesis manufacturing technology for the production of pharmaceutical-grade cannabinoids, as well as a pipeline of medications that target diseases with high unmet medical needs. For more information, visit www.inmedpharma.com.
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: making further progress on our lead programs; optimizing biosynthesis fermentation parameters to maximize production yield and to develop a Down Stream Purification process with contract development manufacturing organizations and concluding these activities by the end of calendar 2019; developing an "alternative" biosynthetic manufacturing process, including an enzyme which could be applied to both the "traditional" or the "alternative" biosynthesis pathways; obtaining regulatory approval to commence INM-755 clinical trials and initiating the trials immediately following approval; completing planned formulations and pharmacology studies with INM-088 in early 2020; and developing a proprietary biosynthesis manufacturing technology for the production of pharmaceutical-grade cannabinoids as well as a pipeline of medications targeting diseases with high unmet medical needs;.
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: continued and timely positive preclinical and clinical efficacy data; the speed of regulatory approvals; the ability to contract with suitable partners; demand for InMed's products; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed's 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. Known risk factors include, among others: preclinical and clinical testing may not produce the desired results on a timely basis, or at all; regulatory applications may not be approved on a timely basis, or at all; cannabis licensing/importing issues may delay our projected development timelines; suitable partners may not be located; economic or market conditions may worsen; our existing cash runway may not allow us to complete our forthcoming significant milestones; the development of a proprietary biosynthesis manufacturing technology for the production of pharmaceutical-grade cannabinoids as well as a pipeline of medications targeting diseases with high unmet medical needs may not be as successful as desired, if at all. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed 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.
NEITHER THE TORONTO STOCK EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE InMed Pharmaceuticals Inc.
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