Bullish indicating open at $55-$60, IPO prices at $37
VANCOUVER, British Columbia - InMed Pharmaceuticals Inc. (NASDAQ:INM), a pharmaceutical company specializing in the development of therapies based on cannabinoids with a market capitalization of $3.65 million, announced today the cancellation of its previously scheduled special meeting of shareholders. According to InvestingPro analysis, the company’s stock appears undervalued despite recent challenges.
The cancellation notice was filed by Odyssey Trust Company, acting as the agent for InMed Pharmaceuticals, with Canadian securities authorities on SEDAR+. The original notice had set the date for the special meeting and the record date for shareholder participation.
The company did not provide specific reasons for the cancellation in the amendment, known as the "Amended Notice", which supersedes the "Original Notice". This change has been officially communicated to shareholders and relevant financial authorities.
The Amended Notice filed today, April 25, 2025, is furnished with the company’s 8-K filing and is not considered filed under Section 18 of the Securities Exchange Act of 1934. Furthermore, it is not to be incorporated by reference into any other filings under the Securities Act of 1933 or the Exchange Act unless explicitly referenced in such filings.
InMed Pharmaceuticals Inc. has been recognized as an emerging growth company and is known for its research and development in the field of pharmaceutical preparations. With annual revenue of $4.83 million and a healthy current ratio of 3.05, the company maintains strong liquidity despite operational challenges. InvestingPro subscribers can access 10+ additional financial health indicators and exclusive insights about the company’s future prospects.
This update is based on a press release statement and the information contained within is not to be interpreted as an endorsement of the company’s performance or future prospects. The decision to cancel the special meeting of shareholders comes directly from the company’s management and the details provided in the SEC filing serve as the source of this announcement.
In other recent news, InMed Pharmaceuticals has announced the selection of its intravitreal (IVT) formulation, INM-089, for further development in treating dry age-related macular degeneration (AMD (NASDAQ:AMD)). This decision follows successful preclinical studies where the formulation demonstrated a favorable pharmacokinetic profile and safety at doses significantly higher than the therapeutic level. The company plans to proceed with Good Laboratory Practice (GLP) enabling studies and future clinical development based on these findings. Additionally, InMed Pharmaceuticals has scheduled a special shareholder meeting for June 13, 2025, as part of its regular compliance and communication efforts with shareholders. This meeting will provide further details to shareholders, although the information will not be incorporated into other filings under the Securities Act of 1933 or the Exchange Act unless explicitly stated. These developments highlight InMed’s ongoing engagement with investors and its focus on advancing treatments for conditions with limited options, such as dry AMD.
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