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InMed Pharmaceuticals (INM): Progress Across the Business

LONDON, UK / ACCESSWIRE / November 17, 2021 / With the recent closing of the BayMedica acquisition, InMed now has a substantially different profile than just a few months ago. The company is now in its commercial stage as BayMedica has been selling cannabichromene (CBC) in bulk. InMed has also advanced past the healthy volunteer stage in the INM-755 clinical program through the initiation of the INM-755 Phase II trial (755-201-EB) in up to 20 epidermolysis bullosa (EB) patients.

We have adjusted our valuation to US$290m or US$20.53 per basic share, from US$293m or US$24.24 per basic share. This is mainly due to a higher number of shares outstanding following the share issuance as a result of the closure of the BayMedica acquisition. In addition, there was a decline in net cash. InMed had US$15.4m in cash and marketable securities at 30 September 2021. We currently model an additional US$11m being raised in FY23, though the exact funding requirement will depend on the expense level for the combined companies. We will update our financial model once BayMedica financials are included in regulatory filings, which is likely to occur with the next quarterly report.

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All reports published by Edison are available to download free of charge from its website: www.edisongroup.com.

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Maxim Jacobs +1 646 653 7027 healthcare@edisongroup.com
Jyoti Prakash +91 981 880 393 healthcare@edisongroup.com

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SOURCE: Edison Investment Research Limited



View source version on accesswire.com:
https://www.accesswire.com/673346/InMed-Pharmaceuticals-INM-Progress-Across-the-Business

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