PR Newswire
VANCOUVER, Sept. 19, 2019
TSX:IN
OTCQX:IMLFF
VANCOUVER, Sept. 19, 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 and twelve months ended June 30, 2019, which is the Company's fourth quarter of fiscal year 2019 ("4Q19").
Conference Call & Webcast:
Thursday, September 19, 2019 at 7:00 AM Pacific Time, 10:00 AM Eastern Time | |
Toronto: | +1-416-764-8688 |
Vancouver: | +1-778-383-7413 |
North America (Toll Free): | +1-888-390-0546 |
Conference ID: | 69127515 |
Webcast: | https://event.on24.com/wcc/r/2086245/D40B5BE6A8BF367A42BBE5A874673D56 |
Replays, Available through September 26, 2019:
Toronto: | +1-416-764-8677 |
North America (Toll Free): | +1-888-390-0541 |
Playback Passcode: | 127515# |
The Company's full financial statements and related MD&A for the three and twelve months ended June 30, 2019 will be available at www.sedar.com on September 19, 2019.
"During the fourth quarter of fiscal 2019, InMed made significant strides in both its R&D and business strategy," stated President and Chief Executive Officer, Eric A. Adams. "The advancements in each of our biosynthesis, EB and glaucoma programs is evidence of not only significant progress in the development programs but also the strength of the InMed team. Over the course of this next fiscal year," Mr. Adams concluded, "we will be focused on continuing to advance all three of these key programs while also looking to expand our profile in the investment community."
Research & Development Update:
Results of Operations (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 | ||||
2019 | 2018 | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | $ | 12,873,961 | $ | 24,134,277 |
Short-term investments | 5,165,093 | 2,342,615 | ||
Accounts receivable | 84,987 | 53,373 | ||
Prepaids and advances | 424,275 | 203,477 | ||
Total current assets | 18,548,316 | 26,733,742 | ||
Non-Current | ||||
Property and equipment, net | 55,829 | 55,732 | ||
Intangible assets, net | 1,184,720 | 1,273,670 | ||
Total Assets | $ | 19,788,865 | $ | 28,063,144 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current | ||||
Accounts payables and accrued liabilities | 1,562,865 | 937,759 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital | 68,579,890 | 68,058,698 | ||
Contributed surplus | 14,216,224 | 10,381,759 | ||
Accumulated deficit | (64,570,114) | (51,315,072) | ||
18,226,000 | 27,125,385 | |||
$ | 19,788,865 | $ | 28,063,144 |
Table 2: Consolidated statements of operations and comprehensive loss:
InMed Pharmaceuticals Inc. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
For the three and twelve months ended June 30, 2019 and June 30, 2018 | ||||||||
Expressed in Canadian Dollars | ||||||||
UNAUDITED | AUDITED | |||||||
Three Months Ended | Twelve Months Ended | |||||||
June 30 | June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Expenses | ||||||||
Research and development | $ | 2,448,948 | $ | 576,954 | $ | 5,638,619 | $ | 1,927,137 |
General and administrative | 1,074,602 | 976,082 | 3,797,867 | 3,367,698 | ||||
Amortization and depreciation | 30,077 | 30,722 | 124,344 | 117,845 | ||||
Share-based payments | 745,517 | 1,505,142 | 4,083,157 | 3,196,864 | ||||
Total operating expenses | 4,299,144 | 3,088,900 | 13,643,987 | 8,609,544 | ||||
Other Income (Loss) | ||||||||
Interest income | 92,350 | 53,571 | 433,803 | 88,337 | ||||
Foreign exchange gain (loss) | (62,882) | 6,129 | (44,858) | 287 | ||||
Total net and comprehensive loss for the period | $ | (4,269,676) | $ | (3,029,200) | $ | (13,255,042) | $ | (8,520,920) |
Basic and diluted loss per share for the period | $ | (0.02) | $ | (0.02) | $ | (0.08) | $ | (0.06) |
Basic and diluted weighted average number of | 172,281,985 | 155,143,970 | 171,338,793 | 142,451,768 |
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 | ||||
2019 | 2018 | |||
OPERATING ACTIVITIES | ||||
Cash flows from operating activities | ||||
Net loss for the year | $ | (13,255,042) | $ | (8,520,920) |
Adjustments to reconcile loss to net cash used in operating activities | ||||
Amortization and depreciation | 124,344 | 117,845 | ||
Share-based payments | 4,083,157 | 3,196,864 | ||
Accrued interest income on short-term investments | (93,726) | (13,868) | ||
Changes in non-cash working capital balances: | ||||
Prepaids and advances | (220,798) | (25,900) | ||
Accounts receivable | (31,614) | 5,775 | ||
Accounts payable and accrued liabilities | 625,106 | 568,086 | ||
Total cash outflows from operating activities | (8,768,573) | (4,672,118) | ||
Cash Flows From Investing Activities | ||||
Purchase of short-term investments | (2,728,752) | (2,328,750) | ||
Purchase of property and equipment | (35,491) | (55,639) | ||
Total cash outflows from investing activities | (2,764,243) | (2,384,389) | ||
Cash Flows From Financing Activities | ||||
Shares issued for cash | 272,500 | 26,694,465 | ||
Share issue costs | - | (2,211,477) | ||
Cash provided by financing activities | 272,500 | 24,482,988 | ||
Increase in cash during the year | (11,260,316) | 17,426,481 | ||
Cash and cash equivalents beginning of the year | 24,134,277 | 6,707,796 | ||
Cash and cash equivalents end of the year | $ | 12,873,961 | $ | 24,134,277 |
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 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: developing a proprietary biosynthesis platform technology for the manufacturing of pharmaceutical-grade cannabinoids as well as an R&D pipeline of medications targeting diseases with high unmet medical needs; continuing to advance our biosynthesis, EB and glaucoma programs while also looking to expand our profile in the investment community; having a clear indication as to the commercial yield and cost structure of the Company's current biosynthesis process by the end of calendar 2019; a Clinical Trial Application and subsequent initiation of a first-in-man clinical trial prior to the end of calendar 2019; being in advanced pre-clinical studies and formulation development for INM-088 prior to the end of the calendar year.
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 platform technology for the manufacturing of pharmaceutical-grade cannabinoids as well as an R&D 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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