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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 20, 2023
INMED PHARMACEUTICALS
INC.
(Exact Name of Company as Specified in Charter)
British Columbia |
|
001-39685 |
|
98-1428279 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
InMed Pharmaceuticals
Inc.
Suite 310 - 815 W.
Hastings Street,
Vancouver, B.C.
Canada |
|
V6C 1B4 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Company’s telephone number, including
area code: (604) 669-7207
Not applicable
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ☐ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Shares, no par value |
|
INM |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On July 20, 2023, the Company provided a commercial
and manufacturing update on its subsidiary BayMedica LLC (“BayMedica”), a leading supplier of bioidentical rare cannabinoids
to the Health and Wellness (“H&W”) market.
The information set forth in this Item 7.01, including
Exhibits 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information set forth
in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any other filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
The following exhibits shall be deemed to be furnished, and not filed:
Exhibit No. |
|
Description |
99.1 |
|
News release, dated July 20, 2023 |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document and included as Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
INMED PHARMACEUTICALS INC. |
|
|
|
Date: July 20, 2023 |
By: |
/s/ Eric A Adams |
|
|
Eric A Adams |
|
|
President & CEO |
2
Exhibit 99.1
|
NASDAQ: INM
Suite 310-815 W. Hastings St.
Vancouver, BC, Canada V6C 1B4
Tel: +1.604.669.7207
Email: info@inmedpharma.com
www.inmedpharma.com |
InMed Provides Update on BayMedica Rare Cannabinoid
Business
| ● | $2.3M
revenues (unaudited) in Q4 2023, representing 123% increase quarter over quarter (“QoQ”) |
| ● | Optimized
and scaled up manufacturing processes over the last 12 months to meet increasing demand |
| ● | Third
consecutive quarter with significant revenue growth |
Vancouver,
BC – July 20, 2023 – InMed Pharmaceuticals Inc. (“InMed”) (Nasdaq: INM), a leader in the pharmaceutical
research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, today provided a commercial
and manufacturing update on its subsidiary BayMedica LLC (“BayMedica”), a leading supplier of bioidentical rare cannabinoids
to the Health and Wellness (“H&W”) market.
“We
are very encouraged to see another strong quarter with (unaudited) revenues in excess of $2.3M, representing our third consecutive quarter
with significant revenue growth.” said Eric A. Adams, InMed’s President and CEO. He added, “As demand for minor cannabinoids
continues to increase, we see a potential path for BayMedica to become a profitable standalone business subsidiary and contribute margin
to the pharmaceutical R&D parent.”
BayMedica
Growing Revenue (Unaudited)
| ● | $2.3M
in revenue for the three months ended June 30, 2023, a 123% increase QoQ |
| ● | Third
consecutive quarter of strong revenue growth and the second consecutive quarter with growth
exceeding 100% QoQ. |
| ● | Total
revenues of $4.1M in fiscal year 2023, representing a 276% increase over the previous fiscal
year |
Supply Chain Optimization
As revenues have grown steadily over the past
several months, BayMedica has been diligently working to ensure sufficient inventory to meet the increasing demand of its bioidentical
rare cannabinoids. BayMedica has been focused on creating redundancy at both ends of the supply chain by securing more sources of raw
materials as well as securing additional downstream purification partners. In addition, BayMedica has recently hired a director for manufacturing
and logistics to oversee the supply chain function and manage third party vendors.
Increased Production
BayMedica, through its manufacturing partners,
has steadily increased manufacturing throughput to maintain supply of finished goods to meet customer demand over the last 12 months.
With completed and ongoing process improvements, BayMedica has the capability to potentially scale production to metric tonnes (thousands
of kilograms) should demand continue to rise.
Product Portfolio
BayMedica is a leading high quality, low cost
supplier of non-intoxicating bioidentical rare cannabinoids for the H&W sector: cannabichromene (CBC), delta-9 tetrahydrocannabivarin
(THCV), cannabidivarin (CBDV) and cannabicitran (CBT). BayMedica continues to optimize its manufacturing processes and supply chain logistics
to reduce the overall cost of goods, while also improving the already high quality and purity levels for all products in its portfolio.
“We
have seen demand for rare cannabinoids surge over the past year, and we are pleased to have been able to increase production to meet the
needs of our customers,” commented Shane Johnson, General Manager of BayMedica. “We attribute the increasing demand, in part,
to better research of rare cannabinoids, companies and brands looking for product innovation and effects-based outcomes, and the ability
of companies like ours to be able to reliably supply high quality rare cannabinoids with low batch-to-batch variations. We are pleased
to have established ourselves as a leading supplier of rare cannabinoids in this fast-growing yet still nascent market.”
Although
InMed experienced revenue growth for the fourth quarter in the BayMedica segment, management expects to report an overall net loss for
the year ended June 30, 2023. InMed plans to file a 10-K with audited financial statements, including audited revenue figures, in the
second half of September 2023.
About InMed:
InMed Pharmaceuticals is a global leader
in the research, development, manufacturing and commercialization of rare cannabinoids, including clinical and preclinical programs targeting
the treatment of diseases with high unmet medical needs. We also have significant know-how in developing proprietary manufacturing approaches
to produce cannabinoids for various market sectors. For more information, visit www.inmedpharma.com and www.baymedica.com.
Investor Contact:
Colin Clancy
Vice President, Investor Relations
and Corporate Communications
T: +1.604.416.0999
E: cclancy@inmedpharma.com
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking
information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning
of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to
a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
Forward-looking information in this news release includes statements about: Q4 2023 revenue and revenue growth, the effectiveness of ongoing
process improvements, and increasing demand for rare cannabinoids.
Additionally, there are known and unknown risk
factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties
facing InMed’s stand-alone business is disclosed in InMed’s Annual Report on Form 10-K and other filings with the Securities
and Exchange Commission on www.sec.gov.
All forward-looking information herein is qualified
in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information
or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results,
events or developments, except as required by law.
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