VANCOUVER - InMed Pharmaceuticals Inc. (NASDAQ: INM), a company specializing in the research and development of cannabinoid-based treatments, has announced the appointment of Dr. David G. Morgan to its Scientific Advisory Board. The addition of Dr. Morgan, a notable figure in neurodegenerative disease research, aims to bolster the company's INM-901 program focused on Alzheimer's disease therapy.
Dr. Morgan, currently the Director of the Alzheimer's Alliance and MSU Foundation Professor of Translational Neuroscience at Michigan State University, is recognized for his work on Alzheimer's immunotherapy and gene therapy. His expertise is expected to provide valuable insight as InMed progresses with its INM-901 program.
Eric Hsu, InMed's Senior Vice President of Preclinical Drug Development, expressed confidence in Dr. Morgan's ability to contribute significantly to the company's efforts in combating Alzheimer's disease. Dr. Morgan's extensive background includes a tenure as CEO of the Byrd Alzheimer's Institute at the University of South Florida and involvement in over 90 grant-years of NIH funded research.
InMed Pharmaceuticals is actively engaged in the development and commercialization of rare cannabinoids and proprietary cannabinoid analogs. The company's clinical-stage pipeline seeks to offer new treatment alternatives for patients who may benefit from cannabinoid-based pharmaceutical drugs.
The company's forward-looking statements indicate a commitment to advancing the efficacy and development of their INM-901 program. Still, these statements also acknowledge the inherent risks and uncertainties that could impact the actual results.
This news article is based on a press release statement and does not endorse any claims. It is intended to provide an overview of InMed's recent developments and the expertise that Dr. Morgan brings to their Scientific Advisory Board.
InvestingPro Insights
InMed Pharmaceuticals Inc. (NASDAQ: INM), while advancing its cannabinoid-based pharmaceutical efforts, presents a mixed financial landscape. According to InvestingPro data, the company holds a modest market cap of $1.82 million USD, reflecting its niche position in the biotech sector.
Despite a significant revenue growth of 239.77% over the last twelve months as of Q2 2024, InMed's financial challenges are underscored by a negative P/E ratio of -0.21, suggesting investor concerns over profitability.
The company's stock price has experienced substantial volatility, with a 1-month price total return of -15.52% and a 6-month price total return of -51.51%, as of the latest data. These figures highlight the stock's recent performance struggles, aligning with an InvestingPro Tip that the stock has taken a big hit over the last six months.
Another InvestingPro Tip worth noting for potential investors is that analysts do not anticipate the company will be profitable this year, which may have a bearing on investment decisions.
Despite these challenges, InMed's balance sheet reflects a positive aspect with cash holdings exceeding its debt, which could provide some financial flexibility as it continues its research and development activities. This is particularly relevant as the company focuses on the promising INM-901 program for Alzheimer's disease therapy.
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