PR Newswire
VANCOUVER, Sept. 13, 2018
VANCOUVER, Sept. 13, 2018 /PRNewswire/ - 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 and twelve months ended June 30, 2018, which is the Company's fourth quarter of fiscal year 2018 ("4Q18").
Conference Call & Webcast: | |
Thursday, September 13, 2018 at 10:00 AM Pacific Time, 1:00 PM Eastern Time | |
Toronto: | +1-416-764-8688 |
Vancouver: | +1-778-383-7413 |
North America (Toll Free): | +1-888-390-0546 |
Conference ID: | 06140730 |
Webcast: https://event.on24.com/wcc/r/1825233/41E80E655BB542139BF0CC542AD952D5 | |
Replays, Available through September 20, 2018: | |
Toronto: | +1-416-764-8677 |
North America (Toll Free): | +1-888-390-0541 |
Playback Passcode: | 140730# |
The Company's full financial statements and related MD&A for the three and twelve months ended June 30, 2018 will be available at www.sedar.com on September 13, 2018.
"During the fourth quarter of fiscal 2018, InMed continued to execute on its R&D and business strategy," stated President and Chief Executive Officer, Eric A. Adams. "The Company's progress is on track to help establish our leadership position in the field of cannabinoid pharmaceutical research. Our goal is to develop innovative therapies for the treatment of important diseases with high unmet medical needs and to lead the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology. Over the course of this next fiscal year," Mr. Adams concluded, "we will remain focused on building shareholder value via innovative scientific research and development, as well as attaining greater exposure within the investment community in the United States and other key markets."
R&D and Business Update:
Results of Operations (expressed in Canadian Dollars):
Corporate Update (expressed in Canadian Dollars):
Table 1: Consolidated statements of financial position (audited):
InMed Pharmaceuticals Inc. | ||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
As at June 30 | ||||
Expressed in Canadian Dollars | ||||
2018 | 2017 | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | $ | 24,134,277 | $ | 6,707,796 |
Short-term investments | 2,342,615 | - | ||
Taxes recoverable | 53,373 | 59,148 | ||
Prepaids and advances | 203,477 | 177,577 | ||
Total current assets | 26,733,742 | 6,944,521 | ||
Non-Current | ||||
Property and equipment | 55,732 | 27,049 | ||
Intangible assets | 1,273,670 | 1,364,558 | ||
Total Assets | $ | 28,063,144 | $ | 8,336,128 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current | ||||
Trade payables | 937,759 | 369,674 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital | 68,058,698 | 43,153,871 | ||
Contributed surplus | 10,381,759 | 7,606,735 | ||
Accumulated deficit | (51,315,072) | (42,794,152) | ||
27,125,385 | 7,966,454 | |||
$ | 28,063,144 | $ | 8,336,128 |
Table 2: Consolidated statements of comprehensive loss:
InMed Pharmaceuticals Inc. | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
For the three and twelve months ended June 30, 2018 and June 30, 2017 | ||||||||
Expressed in Canadian Dollars | ||||||||
UNAUDITED | AUDITED | |||||||
Three Months Ended | Twelve Months Ended | |||||||
June 30 | June 30 | |||||||
2018 | 2017 | 2018 | 2017 | |||||
Expenses | ||||||||
General and administrative | $ | 976,082 | $ | 754,091 | $ | 3,367,698 | $ | 2,320,922 |
Research and development | 576,954 | 378,249 | 1,927,137 | 746,162 | ||||
Amortization and depreciation | 30,722 | 23,629 | 117,845 | 97,823 | ||||
Foreign exchange (gain) loss | (6,129) | 2,151 | (287) | 322 | ||||
Share-based payments | 1,505,142 | 717,534 | 3,196,864 | 1,308,620 | ||||
Total expenses | 3,082,771 | 1,875,654 | 8,609,257 | 4,473,849 | ||||
Interest income | 53,571 | - | 88,337 | - | ||||
Total comprehensive loss for the period | $ | (3,029,200) | $ | (1,875,654) | $ | (8,520,920) | $ | (4,473,849) |
Basic and diluted loss per share for the period | $ | (0.02) | $ | (0.02) | $ | (0.06) | $ | (0.05) |
Basic and diluted weighted average number of common shares outstanding | 155,143,970 | 118,904,411 | 142,451,768 | 89,452,627 |
Table 3: Consolidated statements of cash flows (audited):
InMed Pharmaceuticals Inc. | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
For the years ended June 30 | |||||
Expressed in Canadian Dollars | |||||
2018 | 2017 | ||||
OPERATING ACTIVITIES | |||||
Cash flows from operating activities | |||||
Loss for the year | $ | (8,520,920) | $ | (4,473,849) | |
Adjustments to reconcile loss to net cash used in operating activities | |||||
Amortization and depreciation | 117,845 | 97,823 | |||
Share-based payments | 3,196,864 | 1,308,620 | |||
Shares issued for services | - | 206,646 | |||
Accrued interest income on short-term investments | (13,868) | - | |||
Changes in non-cash working capital balances: | |||||
Prepaids and advances | (25,900) | (129,276) | |||
Taxes recoverable | 5,775 | 25,974 | |||
Trade payables | 568,086 | (112,334) | |||
Total cash outflows from operating activities | (4,672,118) | (3,076,396) | |||
Cash Flows From Investing Activities | |||||
Purchase of short-term investments | (2,328,750) | - | |||
Purchase of property and equipment | (55,639) | (25,393) | |||
Total cash outflows from investing activities | (2,384,389) | (25,393) | |||
Cash Flows From Financing Activities | |||||
Shares issued for cash | 26,694,465 | 10,749,780 | |||
Share issue costs | (2,211,477) | (994,436) | |||
Cash provided by financing activities | 24,482,988 | 9,755,344 | |||
Increase in cash during the year | 17,426,481 | 6,653,555 | |||
Cash and cash equivalents beginning of the year | 6,707,796 | 54,241 | |||
Cash and cash equivalents end of the year | $ | 24,134,277 | $ | 6,707,796 |
The Company's full financial statements and related MD&A for the year ended June 30, 2018 are available at www.sedar.com.
About InMed:
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
About Epidermolysis Bullosa (EB). EB is a group of rare diseases that cause fragile, blistering skin. The blisters may appear in response to minor injury, even from heat, rubbing, scratching or adhesive tape. In severe cases, the blisters may occur inside the body, such as the lining of the mouth or the stomach. Most types of epidermolysis bullosa are inherited. The condition usually presents in infancy or early childhood. Epidermolysis bullosa has no cure.
About INM-750. INM-750 is a proprietary, topical cannabinoid product candidate targeted as a therapy in epidermolysis bullosa (EB) and other potential dermatological and wound-healing applications. It has been specifically designed with the intent to: (i) modify the underlying cause of the disease in certain patients with EB Simplex (EBS, the most common form of EB), and (ii) to treat the major symptoms of the disease in all patients with EB. Preclinical data generated previously demonstrates that INM-750 may have a significant impact on certain symptoms of EB (which may include improvement of wound area to promote healing, reduction in pain, itch and inflammation, and providing antimicrobial activity). These disease hallmarks are key therapeutic targets for the effective treatment of EB as well as several other dermatological conditions. Additionally, our data indicate that INM-750 may have an impact on the underlying disease by increasing the production of certain proteins, called keratins, in the skin.
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: establishing a leadership position as a fully-integrated cannabinoid pharmaceutical company; developing innovative therapies for the treatment of important diseases with high unmet medical needs; leading the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology; building shareholder value via innovative scientific research and development; attaining greater exposure within the investment community in the United States and other key markets; continuing to optimize our biosynthesis manufacturing technology with our partners at UBC; contracting with several individual CMOs to optimize both the fermentation and purification processes; additional patent filings in the coming months; the timeline for completing IND-enabling pharmacology and toxicology studies for INM-750; discussing INM-750 clinical development plans with regulatory authorities in the first half of 2019, and filing an IND application in the second half of 2019; the potential of INM-750 to impact EB; and the expected fundamental value drivers of the Company.
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; suitable partners may not be located; economic or market conditions may worsen; and InMed's proprietary bioinformatics platform, biosynthesis manufacturing process and drug development programs may not deliver the expected level of results nor become the fundamental value drivers of the Company. 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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