LONDON, UK / ACCESSWIRE / May 22, 2019 / InMed (TSX: IN) recently reported results for the third quarter of FY19 and is on track to be in the clinic to treat epidermolysis bullosa (EB) in the second half of this year (consistent with prior guidance for a CTA filing in H219 with entrance into clinic by year-end 2019). In March, it announced that instead of developing a combination cannabinoid product for EB, it would go with a single agent (INM-755) as it discovered in its testing that by increasing the dose of one of the components, efficacy was the same as the combination. This greatly simplified the regulatory process as there are extra hurdles for a combination of two investigational drugs in one product.
We have slightly adjusted our valuation to C$255m or C$1.48 per basic share (C$1.14 per diluted share), from C$257m or C$1.51 per basic share (C$1.16 per diluted share), principally due to lower net cash. InMed had C$20.4m in cash at 31 March and we believe this provides a runway through FY20.
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