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IPO Update: InMed Pharmaceuticals Readies IPO Uplisting (Pending:INM)

IPO Update: InMed Pharmaceuticals Readies IPO Uplisting (Pending:INM)

Quick Take

InMed Pharmaceuticals (INM) intends to raise $10 million from the sale of common stock and warrants in an uplisting / Nasdaq IPO, according to an amended registration statement.

The company is developing cannabis-derived treatments for skin and eye conditions.

INM is still at a preclinical stage of development and is thinly capitalized; the IPO may be more suited to long-term hold institutional investors, so I’ll watch the IPO from the sidelines.

Company & Technology

Vancouver, Canada-based InMed was founded to advance drug programs for epidermolysis bullosa [EB], a skin condition that results in layers of skin not sticking to each other and for glaucoma, an eye condition that damages the optic nerve.

Management is headed by president and Chief Executive Officer Eric Adams, who has been with the firm since 2016 and was previously CEO at EnGene and held senior roles at QLT.

Below is a brief overview video of InMed’s recent announcement for treating EB:

Source: Business Television

The firm’s lead candidate is INM-755, a cannabinoid-based treatment candidate for epidermolysis bullosa.

The drug is current in Phase 1 safety trials and management expects it to advance to Phase 1/2 efficacy trials in 2021.

The company’s second candidate is INM-088, a cannabinoid treatment for glaucoma and management expects it to enter Phase 1 safety trials in 2021.

Below is the current status of the company’s drug development pipeline:

Source: Company S-1 Filing

Investors in the firm have invested at least $70 million.

Market & Competition

According to a 2019 market research report by Technavio, the global market for epidermolysis bullosa is expected to grow by nearly $305 million from 2019 to 2023.

This represents a forecast CAGR (Compound Annual Growth Rate) of almost 5% from 2019 to 2023, as shown in the chart below:

Key elements driving this

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UK’s Sunak Readies New Jobs Plan as Economic Recovery Wanes | Investing News

UK’s Sunak Readies New Jobs Plan as Economic Recovery Wanes | Investing News

LONDON (Reuters) – British finance minister Rishi Sunak will announce on Friday his latest plan to support jobs hit by the expected closure of bars, restaurants and other businesses as the government tries to slow the spread of COVID-19.

The second wave of the coronavirus is threatening to derail Britain’s economic recovery which was already starting to wane, according to official data.

With the government’s main furlough scheme closing at the end of the month and health restrictions tightening by the day, swathes of workers in hospitality, arts and other sectors face unemployment and Sunak has come under pressure to help them.

“The chancellor will be setting out the next stage of the job support scheme later today that will protect jobs and provide a safety net for those businesses that may have to close in the coming weeks and months,” a Treasury spokeswoman said.

There are around 2.5 million jobs in the hospitality sector.

Friday’s official data showed economic output rose by 2.1% in August – less than half the median forecast in a Reuters poll of economists and the slowest increase since the economy began to recover in May from a record slump.

Pubs across England, Wales and Scotland were forced to enact early closing times last month. Scotland’s government has since ordered a 16-day closure of pubs in the country’s two biggest cities starting on Friday.

Sunak’s new jobs plan would subsidise two thirds of the wages of workers in pubs, restaurants and other businesses forced to close, the Times newspaper reported.

“Today’s figures show our economy has grown for 4 consecutive months, but I know that many people are worried about the coming winter months,” Sunak said in a statement.

“Throughout this crisis, my single-focus has been jobs – protecting as many jobs as possible, and

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UK’s Sunak readies new jobs plan as economic recovery wanes

UK’s Sunak readies new jobs plan as economic recovery wanes

By Andy Bruce



a man wearing a suit and tie: Britain's Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London


© Reuters/TOBY MELVILLE
Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London

LONDON (Reuters) – British finance minister Rishi Sunak will announce on Friday his latest plan to support jobs hit by the expected closure of bars, restaurants and other businesses as the government tries to slow the spread of COVID-19.

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The second wave of the coronavirus is threatening to derail Britain’s economic recovery which was already starting to wane, according to official data.

With the government’s main furlough scheme closing at the end of the month and health restrictions tightening by the day, swathes of workers in hospitality, arts and other sectors face unemployment and Sunak has come under pressure to help them.

“The chancellor will be setting out the next stage of the job support scheme later today that will protect jobs and provide a safety net for those businesses that may have to close in the coming weeks and months,” a Treasury spokeswoman said.

There are around 2.5 million jobs in the hospitality sector.

Friday’s official data showed economic output rose by 2.1% in August – less than half the median forecast in a Reuters poll of economists and the slowest increase since the economy began to recover in May from a record slump.

Pubs across England, Wales and Scotland were forced to enact early closing times last month. Scotland’s government has since ordered a 16-day closure of pubs in the country’s two biggest cities starting on Friday.

Sunak’s new jobs plan would subsidise two thirds of the wages of workers in pubs, restaurants and other businesses forced to close, the Times newspaper reported.

“Today’s figures show our economy has grown for 4 consecutive months, but I know that many people are worried about the coming winter months,”

Read the rest