Edison issues update on InMed Pharmaceuticals

LONDON, UK / ACCESSWIRE / November 18, 2019 / InMed Pharmaceuticals (TSX:IN) recently announced that it filed a Clinical Trial Application in the Netherlands for INM-755, which is being developed for epidermolysis bullosa. Approval of the CTA is expected around the end of November with the first trial (755-101-HV) expected to begin in December. This trial will test two strengths of INM-755 cream on the intact skin of 22 healthy volunteers. Following the completion of this trial, the company expects to initiate trial 755-102-HV, which would test INM-755 on eight healthy volunteers with small wounds.

We have increased our valuation to C$259m or C$1.50 per basic share (C$1.24 per diluted share), from C$256m or C$1.48 per basic share (C$1.22 per diluted share). The valuation increase is mainly due to increasing the probability of success for INM-755 (from 5% to 7.5%) following product advancement into the clinic. This was partially offset by a lower cash balance. InMed had C$14.8m in cash and marketable securities at 30 September and we believe this provides a runway into FY21.

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