Edison Issues Update on InMed Pharmaceuticals (IN)

LONDON, UK / ACCESSWIRE / September 26, 2019 / InMed (IN) recently reported results for FY19 and is on track for INM-755 for epidermolysis bullosa (EB) to be in the clinic by the end of 2019. The Phase I programme will consist of two trials, one in healthy volunteers with intact skin and the other in healthy volunteers with small wounds. A Phase I/II trial in EB patients is expected to begin in Q121. In glaucoma, the company has switched its lead candidate to INM-088, which has some specific advantages to the former lead, INM-085. Advanced preclinical and formulation development is expected to begin by the end of the year.

We have slightly adjusted our valuation from C$255m or C$1.48 per basic share (C$1.14 per diluted share) to C$256m or C$1.48 per basic share (C$1.22 per diluted share). The valuation increase of rolling forward our NPV was offset by pushing back our expectations for initial revenues from the biosynthesis business to FY22 from FY21 and lower net cash. InMed had C$18.0m in cash at 30 June and we believe this provides a runway into FY21. We now forecast the company will raise C$20m over the next two years to fund operations.

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