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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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InMed Pharmaceuticals Finalizes Uplisting / IPO Plan

InMed Pharmaceuticals Finalizes Uplisting / IPO Plan

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

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:

inmedpipe2

Source: Company S-1 Filing

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

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:

inmedmkt

Key elements driving this expected growth are increasing development of treatment options by pharmaceutical firms such as diacerein ointment.

Also, North America accounted for the highest demand in 2018, although higher growth rates can be found in other global regions.

Major competitive vendors that provide or are developing treatments include:

  • Amyrt Pharma
  • Fresenius
  • Johnson
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Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

InMed Pharmaceuticals, a clinical stage biotech developing cannabinoid-based products, announced terms for its IPO on Thursday.

The Vancouver, Canada-based company plans to raise $10 million by offering 2.4 million shares at $4.13, above the last close of its shares on the OTCQX (IMLFF) and the Toronto Stock Exchange (IN). The company is also offering warrants to purchase 2.4 million shares of common stock at an assumed exercise price of $4.13. At the proposed price, InMed Pharmaceuticals would command a market value of $32 million. Because the company is offering warrants and its market cap is below $50 million, InMed is no longer eligible for tracking and will be excluded from Renaissance Capital’s stats.

InMed Pharmaceuticals is developing an API using a synthetic cannabinoid named cannabinol, or CBN, and plans to develop its two products INM-755 for rare skin disease Epidermolysis Bullosa (EB) and INM-088 for glaucoma. INM-755 is currently in a Phase 1 trial in The Netherlands.

InMed Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol INM. Roth Capital is the sole bookrunner on the deal.

The article Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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