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Edison issues update on InMed Pharmaceuticals (IN)

LONDON, Feb. 14, 2019 (GLOBE NEWSWIRE) -- InMed (IN) recently reported results for the second quarter of FY19 and is on track to bring INM-750 for epidermolysis bullosa (EB) into the clinic by the end of the year. The company recently completed two topical seven-day dose-ranging studies in pigs; the trials evaluated skin irritation, pharmacokinetics, histology and skin/drug concentrations and InMed is on the verge of selecting the contract manufacturing organization that will produce the topical cream necessary for the Phase I trial. Progress on biosynthesis continues as the company has initiated technology transfer activities to the National Research Council Canada (NRC), which will support fermentation scale-up.

We have adjusted our valuation from C$232m or C$1.36 per basic share (C$1.05 per diluted share) to C$257m or C$1.51 per basic share (C$1.16 per diluted share) mainly due to rolling forward our estimates, although this was mitigated by lower net cash. InMed had C$23.0m in cash at 31 December and we believe this provides a runway through to FY20. 

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