InMed Pharmaceuticals, Inc. (OTCQB: IMLFF) is engaged in the research, development, and marketing of cannabinoid-based drug treatments. Shares of the CBD pharmaceutical company are gaining 5%, through afternoon trading on Wednesday, May 10, 2017. Over the past month, InMed Pharmaceuticals, Inc. has seen average daily volume of 1.57 million shares. However, volume of 128,653 shares or dollar volume of $55,307, has already exchanged hands on Wednesday.
Shares of InMed Pharmaceuticals, Inc. are gaining today, after the company announced it has filed a provisional patent application for its ophthalmic drug, INM-085, which is a CBD-based therapy for glaucoma. The hope is to create an eye drop-based treatment to help people fighting glaucoma. Here is the full press release detailing of the provisional patent application:
InMed Pharmaceuticals, Inc. Press Release:
VANCOUVER, May 10, 2017 /PRNewswire/ – InMed Pharmaceuticals, Inc. (“InMed”) (CSE: IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, today announced the filing of a provisional patent application in the United States for INM-085 as a cannabinoid-based topical therapy for glaucoma, which is an important step in providing intellectual and commercial protection for this therapy.
Glaucoma is a group of eye diseases which result in damage to the optic nerve and vision loss. Worldwide, it is the second-leading cause of blindness, and the current global market for drug therapies to treat glaucoma exceeds US$5 billion. Risk factors for glaucoma include increased pressure in the eye, a family history of the condition, migraines, high blood pressure, and obesity. Investigators studying patient adherence to glaucoma medications have identified multiple factors related to poor adherence, including more frequent and complex dosing regimens.
InMed is developing a stimulus-responsive, nanoparticle-laden vehicle for controlled delivery of ophthalmic drugs into the aqueous humor of the eye. The first applications of this vehicle will be for INM-085 as a cannabinoid-based topical therapy to reduce the intraocular pressure associated with glaucoma. INM-085 is intended for application as a once-per-day eye drop administered immediately prior to the patient’s bedtime, intending to assist in reducing the high rate of non-adherence with current glaucoma therapies. Additionally, this novel, proprietary delivery system for ophthalmic drugs may also play an important role in enabling other companies’ proprietary ophthalmic drug candidates or re-invigorating the commercial potential of off-patent products that would benefit from a once-a-day dosing regimen. InMed plans to initiate discussion with potential partners to this end.
About InMed Pharmaceuticals, Inc.
InMed Pharmaceuticals, Inc. 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. InMed’s proprietary bioinformatics database drug/disease targeting tool, cannabinoid biosynthesis technology and drug development pipeline are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about the potential of cannabinoid compounds to modulate diseases such as glaucoma and other diseases; the potential for this patent application to provide any intellectual property protection for InMed; developing a vehicle for controlled delivery of ophthalmic drugs into the eye; the potential of INM-085 to assist in reducing the high rate of non-adherence with current glaucoma therapies; the potential to out-license InMed’s delivery vehicle to other companies with ophthalmic drugs; the ability to re-invigorate the commercial potential of off-patent products; initiating discussions with potential partners; and the expected fundamental value drivers of the company.
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: regulatory approval, including patent approval; the effectiveness of the delivery vehicle; demand for InMed’s products; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the provisional patent application may not be approved; the delivery vehicle and INM-085 may not produce their desired results; technological challenges associated with developing InMed’s proprietary platform technology, including its bioinformatics database drug/disease targeting tool, its cannabinoid biosynthesis technology, and its drug product candidates which may not, individually and in aggregate, return their expected level of value; InMed may not be able to find suitable partners; and economic or market conditions may worsen.
A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed’s Annual Information Form dated March 24, 2017 and its other continuous disclosure documents filed with the Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.