InMed advances AMD treatment with promising IVT drug formulation

VANCOUVER - InMed Pharmaceuticals Inc. (NASDAQ: INM), a small-cap biotech company with a market capitalization of $2.21 million, has announced the selection of an intravitreal (IVT) formulation, INM-089, for further development in its drug pipeline aimed at treating dry age-related macular degeneration (AMD (NASDAQ:AMD)), a condition with limited treatment options. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.07, indicating its ability to fund near-term development activities. This advancement follows successful preclinical studies where the formulation demonstrated a favorable pharmacokinetic profile and safety at doses significantly higher than the therapeutic level.

The company’s IVT formulation, combined with the active pharmaceutical ingredient (API) of INM-089, has been delivered to the targeted area of the eye at doses up to 10 times the safety margin relative to the therapeutic dose. The data from these studies will inform the next stages of preclinical research, including Good Laboratory Practice (GLP) enabling studies and future clinical development. While InvestingPro analysis indicates the company is quickly burning through cash, it maintains more cash than debt on its balance sheet, providing some runway for these development activities.

Dry AMD, the most common form of AMD, affects the macula or back of the eye, impacting central vision and affecting an estimated 196 million people globally. In the United States alone, approximately 12.6% of individuals aged 40 and over suffer from this progressive eye disease. While two treatments have recently been approved for late-stage dry AMD, also known as geographic atrophy (GA), there remains a significant unmet medical need for earlier stages of the condition.

InMed’s COO and Senior VP of Chemistry, Manufacturing, and Controls, Michael Woudenberg, expressed optimism about the potential of INM-089 as an effective therapeutic approach for dry AMD. The compound has shown promise in preclinical studies, exhibiting neuroprotection of photoreceptors, improved photoreceptor function, and preservation of retinal function, among other benefits.

As the standard of care among retinal specialists, intravitreal injection is a well-established method for delivering drugs to the back of the eye. This method overcomes the challenges faced by topical formulations, such as eye drops, in permeating the complex anatomy and protective barriers of the eye to reach the target tissue.

InMed Pharmaceuticals, dedicated to developing a pipeline of proprietary small molecule drug candidates, is focused on addressing diseases with high unmet medical needs, including Alzheimer’s and various ocular and dermatological conditions. The recent developments with INM-089 mark a significant step in the company’s efforts to provide new solutions for patients with dry AMD.

This report is based on a press release statement from InMed Pharmaceuticals. With annual revenue of $4.96 million and significant growth potential in the AMD market, InvestingPro analysis suggests the stock is currently undervalued. Subscribers can access 11 additional ProTips and comprehensive financial metrics to better evaluate the company’s potential in the biotechnology sector.

In other recent news, InMed Pharmaceuticals has been granted an international patent under the Patent Cooperation Treaty, marking a significant development for its proprietary small molecule drug candidates. The patent, issued in Mexico, secures a range of novel analog compounds intended for therapeutic use in conditions such as pain, glaucoma, and several neurological disorders. This is part of InMed’s broader intellectual property strategy, which includes 14 patent families covering various aspects of its operations.

InMed Pharmaceuticals has also been granted an extension by the Nasdaq Listing Qualifications Panel to address its share price deficiency, setting a new deadline for December 2, 2024. The company’s board approved a share consolidation proposal to regain compliance with the Nasdaq’s minimum bid price rule. However, InMed indicates there is no guarantee of achieving compliance by the set deadline.

Further, InMed has made significant strides in its Alzheimer’s disease program with its proprietary drug candidate, INM-901. Recent preclinical studies have shown that INM-901 can be effectively administered orally, potentially reducing treatment delivery costs and improving patient accessibility. The company has also filed an international patent application for INM-901, aiming to protect its research and development in the area of neurodegeneration. These are among the recent developments in InMed’s ongoing efforts to address diseases with high unmet medical needs.

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