InMed Pharmaceuticals Inc. (OTC: IMLFF) (CSE: IN), a 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, recently announced that it has closed the non-brokered private placement for 10,500,000 units at a price of $0.10 per unit.
The C$1,050,000 in proceeds will be used to help finance the company’s growth over the coming quarters. By leveraging its Intelligent Cannabinoid Drug Design Platform, management has identified promising new bioactive compounds in cannabis targeting a number of different indications. These compounds include CTI-085 to help treat the symptoms of glaucoma and CTI-091 to help manage the symptoms of arthritis.
Earlier this month, the company expanded this pipeline with the initiation of its INM-750 program targeting epidermolysis. The rare genetically inherited skin disorder has no approved FDA treatment, which makes it an attractive market for new drug development. Most severe forms of the disease lead to scarring, disfigurement, and early death, usually before the age of 30, with the only treatments addressing side-effects like wounds.
InMed anticipates commencing pre-clinical studies of INM-750 in February, 2015 with initial data expected by Q2 2015. The initiation of INM-750 signals InMed’s entry into the dermatological market and adds to the Company’s rapidly advancing pipeline of cannabis-based therapeutics, which includes CTI-805 for glaucoma and CT-091 for arthritis, both of which are expected to enter human clinical studies in 2015.
Investors in the biotechnology, pharmaceutical, and cannabis space may want to keep an eye on the stock given the company’s growing pipeline of clinical programs.
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