VANCOUVER - InMed Pharmaceuticals Inc. (NASDAQ: INM), a developer of small molecule drug candidates for diseases with unmet medical needs, today announced positive results from a long-term in vivo preclinical Alzheimer's Disease (AD) study of its drug candidate INM-901. The study, which lasted for seven months of dosing, confirmed improvements in cognitive function, memory, and locomotor activity.
The research utilized the 5xFAD amyloidosis model, increasing both the duration of dosing and the sample size compared to an earlier three-month pilot study. The recent study included four groups: an untreated disease-free group, an INM-901-treated disease-free group, a placebo-treated Alzheimer's group, and two INM-901-treated Alzheimer's groups with different dosing levels.
With the disease severity known to increase with age in this model, the long-term study's groups presented more advanced AD than those in the short-term study. Behavioral assessments across the groups showed a positive trend towards behavior similar to the untreated disease-free group. Notably, the INM-901-treated AD groups demonstrated statistically significant improvements in certain behavior criteria compared to the placebo-treated AD groups.
Dr. Eric Hsu, InMed's Senior Vice President of Preclinical Research and Development, expressed encouragement with the initial data sets. He stated that the results support and in some cases improve upon the outcomes of the initial short-term study, suggesting INM-901's potential in targeting multiple biological pathways linked to AD.
The company is conducting further molecular analyses to define the mechanisms of action for INM-901 and its potential role in AD treatment. These analyses will focus on receptor engagement, neuroinflammation, neurogenesis, and neuroprotection, using various molecular measurements.
InMed is also advancing the chemistry, manufacturing, and controls (CMC) for both the drug substance and the drug product formulation, with Good Laboratory Practice (GLP) studies planned to support an Investigational New Drug (IND) submission.
The INM-901 program has shown potential in targeting several biological pathways associated with AD, including blood/brain barrier penetration and neuroprotective effects. The company's pipeline consists of programs targeting Alzheimer's, ocular, and dermatological indications.
The information in this article is based on a press release statement.
InvestingPro Insights
InMed Pharmaceuticals Inc. (NASDAQ: INM) has recently delivered promising results from their Alzheimer's drug candidate INM-901 study, raising interest among investors and industry observers. While the scientific progress is noteworthy, a closer look at the company's financial health and stock performance through InvestingPro data sheds light on other critical aspects for potential investors.
Despite the positive news on the R&D front, InvestingPro Tips highlight that InMed is not expected to be profitable this year, with analysts concerned about the company's cash burn rate. This is reflected in a negative P/E ratio for the last twelve months as of Q3 2023, standing at -0.4, indicating that the company is not generating profits relative to its share price. Additionally, the company's price has experienced a steep decline over the past year, with a 1 Year Price Total Return of -76.11%, signaling significant investor caution or dissatisfaction.
On the upside, InMed holds more cash than debt, which is a positive sign of liquidity, as indicated by a Price / Book ratio of 0.22, illustrating that the company's market value is less than its book value—often a sign of undervaluation. Furthermore, the company's liquid assets exceed its short-term obligations, suggesting a level of financial stability in the near term.
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