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InMed Shares Trade Up 25% After Becoming First to Advance Cannabinol into Clinical Trials

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InMed Pharmaceuticals shares traded 25% higher after reporting that it is the first to advance cannabinol into therapeutic clinical trials.

Vancouver-based clinical stage biopharmaceutical company InMed Pharmaceuticals Inc. (IN:TSX; IMLFF:OTCQX), which is engaged in developing a pipeline of cannabinoid-based medications that target diseases with high unmet medical needs, today reported that "the rare cannabinoid cannabinol (CBN) is the active pharmaceutical ingredient (API) in its two product candidates under development: INM-755 for epidermolysis bullosa (EB) and INM-088 for glaucoma."

The company's CEO Eric A. Adams commented, "We are proud to be the first company to investigate cannabinol's therapeutic potential in human clinical trials...InMed has completed more than 30 preclinical pharmacology and toxicology studies, identifying potential therapeutic advantages of CBN in specific disease models over the more common cannabinoids THC and CBD, as well as other rare variants...We are simultaneously exploring innovative biosynthetic manufacturing methods and therapeutic applications of CBN formulations to target diseases with high unmet medical need."

The firm noted that its scientific team officially revealed CBN as the API in INM-755 at the EB2020 World Congress in London, and indicated that it will exhibit preclinical data supporting the INM-755 EB program at the gathering.

InMed advised that INM-755 is formulated as a CBN-based topical cream that is being developed as a dermatological product candidate for treatment of symptoms related to EB. The company explained that "EB is a rare genetic skin disease characterized by fragile skin that can lead to extensive wounds and blistering."

The firm identifies CBN, which occurs naturally, but typically only in trace quantities in the cannabis plant, as "a rare cannabinoid with unique physiological properties that may result in distinct therapeutic and safety characteristics relative to the more commonly known cannabinoids tetrahydrocannabinol (THC) and cannabidiol (CBD)."

The company also indicated that CBN is also the API in INM-088, its second product candidate currently in pre-clinical testing and advanced formulation development with the aim to decrease intraocular pressure and provide neuroprotection for individuals suffering from glaucoma. Glaucoma is the second leading cause of blindness worldwide characterized by abnormally high eye pressure, which can damage the membranes of the retina and the head of the optic nerve.

InMed Pharmaceuticals is headquartered in Vancouver, B.C., and describes its business as "a clinical stage biopharmaceutical company developing a pipeline of cannabinoid-based medications that target diseases with high unmet medical need." The company's medications pipeline targets diseases in the areas of epidermolysis bullosa, glaucoma, and orofacial pain.

InMed trades on the Toronto Stock Exchange and began the day with a market capitalization of around CA$51.7 million with approximately 178.3 million shares outstanding. IN shares opened today at CA$0.315 (+CA$0.015, +5.00%) over Friday's closing price of CA$0.30. The stock has traded today between CA$0.31 and CA$0.42/share and is currently trading at CA$0.38 (+CA$0.08, +26.67%).

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