INMED PHARMACEUTIC COM NPV (OTCMKTS:IMLFF) shares were up 26.65% on Friday to $0.238 and flat in after-hours trading. The company has a market cap of $9.94 million at 52.88 million shares outstanding. Share prices have been trading in a 52-week range of $0.05 to $0.26 so prices are approaching the resistance.
INMED PHARMACEUTIC COM NPV CEO Eric Adams recently talked about the cannabis plant’s enormous potential for new therapies in the pharmaceutical industry during his interview with BNN. In this interview, he highlighted the company’s R&D pipeline targeting serious medical conditions like Epidermolysis Bullosa and glaucoma. Aside from these diseases, the company also shared that it was progressing on the R&D program for cannabinoids use in treatment of chronic obstructive pulmonary disease or COPD.
For Chief Scientific Officer of INMED PHARMACEUTIC COM NPV Dr. Sazzad Hossain, the preliminary data holds significance because of the role of cannabinoid-based therapies in treating COPD since cannabinoids were capable of releasing anti-inflammatory properties along with bronchodilatory and immunosuppressive characteristics. The company plans to validate its proprietary bioinformatics analysis tool to identify drug-disease targets and use them in the pre-clinical models for treatment.
Soon after, INMED PHARMACEUTIC COM NPV announced the appointment of Martin Bott, VP of Corporate Finance and Investment Banking at Eli Lilly & Company, to the Board of Directors.
“Martin Bott has established a significant leadership position in financial and business expertise with one of the world’s leading pharmaceutical companies. His depth of knowledge in navigating the complexities in healthcare finance and operations on a global level will be invaluable to InMed,” said Eric Adams, President and CEO of INMED PHARMACEUTIC COM NPV . “We welcome Martin to our Board and look forward to his strategic counsel as we work towards achieving our many corporate objectives.”
Bott brings over 28 years of senior financial and executive leadership, after having held roles of increasing responsibility at their headquarters in Indianapolis since joining Eli Lilly & Company in 1988.
“I am delighted to be joining InMed as a Board Member,” stated Bott. “InMed is at a pivotal point in its evolution. Its broad base of assets, from the drug development pipeline to the cannabinoid biosynthesis and other enabling technologies, will require careful planning and execution. I look forward to working with the other Directors and executive team to contributing to the achievement of InMed’s strategic initiatives and future growth.”
INMED PHARMACEUTIC COM NPV 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. The company uses its proprietary bioinformatics assessment tool to identify bioactive compounds within the cannabis plant that have the potential to have physiological impacts on specific diseases.
It aims to identify new drug candidates that optimize therapeutic benefit while limiting adverse effects. Its proprietary in silico drug or disease bioinformatics assessment tool, cannabinoid biosynthesis technology and drug development pipeline are the fundamental value drivers of the company.