VANCOUVER - InMed Pharmaceuticals Inc. (NASDAQ: INM), a company engaged in the development and commercialization of rare cannabinoids, has announced the appointment of Netta Jagpal as Chief Financial Officer and Corporate Secretary, starting February 20, 2024. Jagpal, a seasoned financial executive with over two decades of experience, predominantly in the biotech sector, will be succeeding Jonathan Tegge, who served as Interim CFO.
Eric A. Adams, President and CEO of InMed, expressed confidence in Jagpal's abilities, citing her extensive experience in finance and accounting leadership roles as a valuable asset for the company's pharmaceutical drug development and commercial enterprises. Prior to her appointment at InMed, Jagpal held the position of Vice President, Financial Reporting & Compliance at D-Wave Systems Inc. (NYSE: QBTS), where she was integral to the company's initial public offering. Her previous tenure includes significant roles at Zymeworks Inc . (NYSE: NASDAQ:ZYME) and Angiotech Pharmaceuticals, Inc. (NASDAQ: ANP), as well as experience at Ernst & Young.
Jagpal is recognized for her expertise in leading financial teams and managing compliance and reporting functions. She is a Chartered Professional Accountant accredited by the Institute of Chartered Accountants of British Columbia and holds a Bachelor of Business Administration degree from Simon Fraser University.
InMed Pharmaceuticals is known for its manufacturing capabilities in rare cannabinoids and proprietary cannabinoid analogs, catering to various consumer markets, including pharmaceuticals and health and wellness. The company is currently in the clinical stage of developing cannabinoid-based therapeutics. InMed expressed gratitude to Mr. Tegge for his contributions and looks forward to his ongoing involvement with the firm.
This executive transition is part of InMed's ongoing efforts to strengthen its leadership team and support its core business operations. The information reported is based on a press release statement from InMed Pharmaceuticals.
InvestingPro Insights
InMed Pharmaceuticals Inc. (NASDAQ: INM) has recently made a strategic move in its executive team by appointing Netta Jagpal as Chief Financial Officer and Corporate Secretary. As the company focuses on its clinical stage cannabinoid-based therapeutics and its rare cannabinoids manufacturing capabilities, it's important to consider the financial health and market performance of the company. Here are some insights based on the latest data from InvestingPro:
InvestingPro Data highlights a significant revenue growth for InMed Pharmaceuticals, with a reported increase of 234.46% in the last twelve months as of Q1 2024. This is complemented by a quarterly revenue growth of 181.14% in Q1 2024. Despite these impressive growth figures, the company's operating income margin stands at -159.52%, indicating operational challenges.
Looking at the company's stock performance, the price has taken a notable hit, with a 1-week total return decrease of -9.7% and a staggering 1-year price total return drop of -82.76%. Additionally, the current market capitalization of InMed is relatively small at 1.72M USD, reflecting the company's status as a micro-cap stock and its exposure to market volatility.
InvestingPro Tips for InMed Pharmaceuticals suggest that while the company holds more cash than debt, which is a positive sign for liquidity, it is quickly burning through cash. Moreover, analysts do not anticipate the company will be profitable this year, which may be a concern for potential investors.
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