VANCOUVER - InMed Pharmaceuticals Inc. (NASDAQ: INM), a developer of proprietary small molecule drugs for diseases with high unmet medical needs, announced today the filing of an international patent application for INM-901, its drug candidate aimed at treating neurodegenerative diseases, including Alzheimer's. This application, under the Patent Cooperation Treaty (PCT), covers various aspects of the pharmaceutical composition and its use.
The patent application details the potential of INM-901 to treat neuronal disorders, particularly those associated with neurodegeneration. It suggests that INM-901 could inhibit or slow the progression of such diseases by reducing cytotoxicity in neuron populations and may promote neurite elongation or restore neurite formation in damaged neurons. The application also outlines methods for neuroprotection, stimulating neurogenesis, enhancing activity, improving cognitive function, memory, and sound awareness, and regulating inflammation and neuronal function markers.
Dr. Eric Hsu, Senior Vice President of Preclinical Research & Development at InMed, commented on the significance of this development, "The INM-901 drug development program represents a novel approach to treating Alzheimer's disease and the conversion of this PCT application is an important step to protect our research and development in the area of neurodegeneration." He added that significant progress has been made with the INM-901, with the company looking to present long-term in vivo data soon and moving towards human clinical trials.
The drug candidate INM-901 is noted for its multi-faceted mechanisms of action that could potentially restore damage caused by Alzheimer's disease. It is a preferential signaling agonist of the CB1/CB2 receptors, shows neuroprotective effects, impacts peroxisome proliferator-activated receptors (PPARs), and can be administered orally. Preclinical studies have indicated improvements in cognitive function, memory, locomotor activity, anxiety-based behavior, and sound awareness.
InMed's patent portfolio now includes fourteen patent families, with eight focused on drug composition/formulations/methods of use and six on manufacturing technologies. The company targets the CB1/CB2 receptors with three separate programs in the treatment of Alzheimer's, ocular, and dermatological indications.
This press release contains forward-looking statements about InMed's expectations regarding INM-901's efficacy and potential marketability. These statements are based on current management expectations and involve risks and uncertainties that could cause actual results to differ. More information on these risks can be found in InMed's filings with the Securities and Exchange Commission.
This article is based on a press release statement from InMed Pharmaceuticals.
In other recent news, InMed Pharmaceuticals has been actively engaged in multiple developments. The company has announced the date for its 2024 annual meeting of shareholders, providing an opportunity for investors to interact with the company's management. InMed has also initiated an appeal process with the Nasdaq Listing Qualifications Panel to address non-compliance with the stock market's minimum bid price requirement.
Simultaneously, InMed has made substantial progress in its Alzheimer's disease program. The company's proprietary drug candidate, INM-901, has demonstrated promise in preclinical studies, showing improvements in cognitive function, memory, and locomotor activity. The drug's oral administration offers potential benefits over current intravenous antibody therapies for Alzheimer's, possibly reducing treatment delivery costs and enhancing patient accessibility.
InMed is also advancing the chemistry, manufacturing, and controls for both the drug substance and the drug product formulation. These recent developments reflect InMed's ongoing efforts to address diseases with unmet medical needs. As these developments unfold, the future of InMed Pharmaceuticals on the Nasdaq Capital Market remains uncertain.
InvestingPro Insights
InMed Pharmaceuticals' recent patent filing for INM-901 marks a significant step in its drug development program for neurodegenerative diseases. While this move demonstrates the company's commitment to innovation and potential future growth, it's crucial to consider the current financial landscape of the company.
According to InvestingPro data, InMed's market capitalization stands at a modest $4.71 million USD, reflecting its status as a small-cap biopharmaceutical company. The company's revenue for the last twelve months as of Q4 2024 was $4.6 million USD, with a revenue growth of 11.18% over the same period. However, it's important to note that the company is not currently profitable, with an operating income of -$8.13 million USD for the same period.
Two relevant InvestingPro Tips shed light on the company's financial situation. Firstly, InMed "holds more cash than debt on its balance sheet," which could provide some financial flexibility as it pursues its drug development programs. Secondly, the company is "quickly burning through cash," which is not uncommon for biopharmaceutical companies in the research and development phase but warrants attention from investors.
The stock has shown significant volatility, with a strong return of 43.45% over the last month, but a -41.59% return over the past year. This volatility aligns with another InvestingPro Tip stating that the "stock generally trades with high price volatility," which is typical for small-cap biotech stocks, especially those with pending clinical trials or patent applications.
For investors interested in a deeper analysis, InvestingPro offers 14 additional tips for InMed Pharmaceuticals, providing a more comprehensive view of the company's financial health and market position.
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