Cannabinoids are having a moment in treating everything from Alzheimer’s to ocular diseases and InMed Pharmaceuticals Inc. (NASDAQ:INM) seems to be at the center of it all. The leader in cannabinoids and cannabinoid analogs pharmaceutical research, development, manufacturing and commercialization hit key milestones in advancing its cannabinoids-based treatments for Alzheimer’s disease, age-related macular degeneration (AMD) and epidermolysis bullosa in 2023 with more inroads to come in 2024.
New Treatments for Alzheimer’s Disease
Alzheimer’s disease affects about 6.7 million people aged 65 and older in the U.S. with the number projected to almost double by 2060. Existing treatments address related symptoms and cognitive function, with none able to reverse disease effects. InMed’s INM-901, a rare cannabinoid analog, has potential to target biological pathways associated with Alzheimer’s. Preclinical studies demonstrated improvement in cognitive function and memory, locomotor activity, anxiety-based behavior, and neuronal function. INM-901 also exhibited neuroprotective effects. InMed aims to launch advanced preclinical studies to evaluate and further develop INM-901 in 2024.
Hope for Age-Related Macular Degeneration
Age-related macular degeneration (AMD) affects 19.8 million Americans aged 40 and over with no current cure. InMed’s INM-089 shows promise in preserving retinal function, proactively protecting retinal cells responsible for vision and enhancing retinal thickness. Advanced preclinical studies and drug formulation work is in progress, with plans to launch Investigational New Drug studies in mid-2024.
Advances in Dermatology
InMed also successfully completed a phase 2 clinical trial for epidermolysis bullosa (EB), a rare genetic skin disease characterized by fragile skin. Data from the trial indicated enhanced anti-itch activity for INM-755 cannabinol cream. InMed is exploring opportunities for further development and seeking partnerships for INM-755.
Revenue Growth and Supply of Rare Cannabinoids
InMed experienced significant revenue growth in 2023 and is poised to capitalize on revenue-generating opportunities in 2024. Its BayMedica unit focuses on being a low-cost/high-quality manufacturer of non-psychoactive rare cannabinoids and is embracing a distributor model to expand coverage across the U.S. InMed anticipates increased demand for rare cannabinoid ingredients and aims to be a key supplier.
InMed Pharmaceuticals has made substantial progress and is well-positioned to deliver groundbreaking advances in cannabinoid-based treatments. As entering into 2024, investors can expect more milestones from InMed.
Featured photo by Eir Health on Unsplash.
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