InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing and clinical development of rare cannabinoids, has announced that it will release its fiscal year 2021 financial report at the end of the week. INM’s full financial statements and related MD&A for the period ending June 30, 2021, will be released on Friday, Sept. 24, 2021. In connection with the release of its financial report, the company will also be hosting a conference call/webcast to discuss the report. The call will begin at 11 a.m. ET. Interested individuals from the United States and Canada can call toll free at 855-605-1745; those who are interested and need to dial in internationally can call 914-987-7959. Callers will need to use conference ID #9373618. A recording of the webcast will be available for 90 days following the event. In addition, InMed announced that it has signed a definitive agreement to acquire BayMedica, a private company based in the United States that specializes in the manufacture and commercialization of rare cannabinoids. The agreement outlines the acquisition terms, which involve an all-stock transaction. According to the announcement, InMed will issue 1.78 million shares to BayMedica’s equity and convertible debt holders, an estimated $4 million value. The strategic move, which will likely close in the coming weeks, will provide InMed with established expertise in yeast and bacteria biosynthesis as well as chemical synthesis of cannabinoids. The company also noted that the move represents cumulative revenues for InMed of more than $2.5 million since December 2019; those revenues are from the sale of cannabichromene (“CBC”).
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based pharmaceutical drug candidates, initially focused on the therapeutic benefits of cannabinol (“CBN”); the company is developing IntegraSyn(TM) to produce pharmaceutical-grade cannabinoids. INM is dedicated to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based medicines. For more information, please visit www.InMedPharma.com.
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