Edison issues update on InMed Pharmaceuticals (IN)

LONDON, Nov. 21, 2018 (GLOBE NEWSWIRE) -- InMed recently reported results for the first quarter of FY19 and continues to make solid progress in bringing INM-750 for epidermolysis bullosa (EB) into the clinic by H219. So far, its selected formulation has demonstrated good drug penetration as a topical formulation, a clean safety profile and that each of the two cannabinoid components plays an important and independent role in combating EB, which is an especially important finding from a regulatory point of view for any combination product.  Additionally, the company’s biosynthesis program is tracking on schedule.

We have adjusted our valuation to C$232m or C$1.36 per basic share (C$1.05 per diluted share) from C$234m or C$1.37 per basic share (C$1.05 per diluted share) solely due to lower net cash, otherwise our valuation estimates are the same. The company had C$24.8m in cash at 30 September and we believe this provides runway into FY21.

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