InMed Pharmaceuticals, Inc. (NASDAQ: INM) is a pharmaceutical research and development company that is focused on utilizing cannabinoids and related analogs to treat unmet medical needs. Shares of the cannabinoid pharmaceutical company are skyrocketing 53% during late trading on Wednesday, November 16, 2022. Over the past three months, InMed has seen average daily volume of 967,160 shares. However, volume of 26.31 million shares or dollar volume of around $110.24 million, has exchanged hands through late trading.
Shares of InMed Pharmaceuticals are surging after the company announced that it has launched its neurodegenerative disease program (INM-900 series), which will be testing and researching the impact of different cannabinoid analogs as a treatment for Alzheimer’s, Huntington’s and Parkinson’s disease. In the research conducted by InMed to date, the company has identified two specific cannabinoid analogs that have shown promise as a treatment for neurodegenerative diseases. InMed estimates early preclinical efficacy data to be available during the second quarter of 2023.
The preclinical research and efficacy data will receive funding support after Dr. Ujendra Kumar of Pharmaceuticals Sciences at UBC has been awarded an Alliance grant from the Natural Sciences and Engineering Research Council of Canada (NSERC), with InMed named as an industry partner. The collaborative project has been named “Pharmacological characterization of phytocannabinoids and the endocannabinoid system.”
InMed’s Senior Vice President of Preclinical Research & Development, Eric Hsu, Ph.D.: “We are pleased that our efforts have led to the identification of two cannabinoid analog candidates to advance to in vivostudies. Our team will continue this important research in neurodegenerative diseases under the NSERC Alliance grant. Our early studies are showing promising neuroprotective effects as well as neurite outgrowth, signifying the potential to enhance neuronal function that may be important in the treatment of neurodegenerative diseases. This program, in conjunction with the work we are doing within glaucoma, increases our focus on, and expands our pipeline within, the neuroprotection space.”
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