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VANCOUVER - In a significant development for its proprietary small molecule drug candidates, InMed Pharmaceuticals Inc. (NASDAQ: INM), a $3.6 million market cap pharmaceutical company dedicated to addressing diseases with high unmet medical needs, has been granted an international patent under the Patent Cooperation Treaty (PCT). The company's stock has shown strong momentum recently, gaining over 16% in the past week according to InvestingPro data. This patent, issued in Mexico with the title "Cannabinoid analogs and methods for their preparation," marks the first jurisdictional issuance, with pending applications in various other regions including the U.S., Europe, and Japan.
The patent, numbered 417531, encompasses a range of novel analog compounds intended for therapeutic use in conditions such as pain, glaucoma, inflammatory diseases, anxiety, and several neurological disorders including Parkinson's disease, Alzheimer's disease, and dementia. It also secures the methods used to prepare these compounds, with a 20-year term from its issuance.
InMed's President and CEO, Eric A. Adams, expressed satisfaction with the patent grant, noting it as a testament to the company's innovative efforts in developing new drug candidates, particularly for Alzheimer's disease and dry age-related macular degeneration. While the company maintains a healthy current ratio of 5.07 and holds more cash than debt, InvestingPro analysis indicates rapid cash consumption, which investors should monitor closely. (Get access to 10+ additional InvestingPro Tips for comprehensive analysis.) Adams highlighted the patent as a key component in protecting the company's research and development investments and its future drug production methods.
The patent is part of InMed's broader intellectual property strategy, which includes a total of 14 patent families covering various aspects such as compositions, formulations, manufacturing processes, and methods of use. The company has already secured patents in several jurisdictions for other applications, including the treatment of epidermolysis bullosa, a connective tissue disorder, and ocular drug delivery formulations.
InMed Pharmaceuticals specializes in targeting the CB1/CB2 receptors with its small molecule drug candidates and, through its subsidiary BayMedica, is involved in the manufacturing and commercialization of rare cannabinoids. The company's pipeline features three distinct programs focusing on treatments for Alzheimer's, ocular, and dermatological conditions.
The news release also contained forward-looking statements regarding the company's intentions to pursue further patents and expand its portfolio, which are subject to risks and uncertainties that could affect actual results. With analysts forecasting continued losses this year and a revenue growth forecast of 37%, investors should carefully consider the company's development trajectory. InMed's full risk profile is detailed in its filings with the Securities and Exchange Commission. For detailed financial analysis and Fair Value estimates, visit InvestingPro, where additional metrics and expert insights are available.
This article is based on a press release statement from InMed Pharmaceuticals.
In other recent news, InMed Pharmaceuticals Inc. has been granted an extension by the Nasdaq Listing Qualifications Panel to address its share price deficiency, with a new deadline set for December 2, 2024. The company's board approved a share consolidation proposal to reduce the number of issued and outstanding common shares, aiming 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.
In addition, InMed has made significant strides in its Alzheimer's disease program with its proprietary drug candidate, INM-901. Recent preclinical studies have demonstrated 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.
In other news, InMed has announced the date for its 2024 annual meeting of shareholders. The company is also navigating an appeal process with the Nasdaq Listing Qualifications Panel to address non-compliance with the stock market's minimum bid price requirement. These are among the recent developments in InMed's ongoing efforts to address diseases with high unmet medical needs.
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