InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) is pleased to pronounce its financial results. These are for the fiscal year 2020 and specifically the first-quarter performance.
A close look at the results
Investors in the company will need to take a close look at the financial results reported for the three months. That is the only way to make informed decisions regarding investments according to analysts.
The President and Chief Executive Officer of InMed Pharmaceuticals Eric A. Adams is one of the leaders that has spoken about the performance. He commends the company for the progress it made in the first quarter.
The turn of events
The company successfully submitted its Clinical Trial Application to the regulatory bodies. It sought to obtain a nod to engage in a series of human clinical trials. It would be utilizing INM-755 in the undertaking upon getting permission.
Adams is pleased about the company’s progress so far and has termed it meaningful. Focus is currently on areas such as the company’s lead programs, one of them being the biosynthesis manufacturing platform. The others are INM-088 and INM-755 for EB in glaucoma. This leader says that they will keep updating investors about their progress regularly. This business guru remains focused on its North American investment communities. It also seeks to pull in more of the international investment communities.
The company’s chief executive officer says there has been an increase in the research and development segments. This is from a figure of about $0.63 million for the three last months of 2018 to $2.33 million for 1Q20. He attributed the increase in expenditure on what was spend on INM-755 for the clinical trial. According to the official, it was a major boost to both the toxicology and the pharmacology studies.
These studies can’t be taken for granted because they are the cornerstone in the regulatory filing. Without them, it would be almost impossible to kick-start the human clinical trials cut out to commence soon.
This company admits that it spent quite a large sum much in buying its active pharmaceutical ingredients in INM-755. This had to be done in advance before the commencement of the company’s much anticipated clinical trials.