InMed Pharmaceuticals Inc (TSE:IN; OTCMKTS:IMLFF) released results Thursday for the company's fourth quarter of fiscal 2018, including the three and twelve months ended June 30, 2018.
Shares were down 8.98% at US$0.64 in New York and down 9.78% at C$0.83 in Toronto.
For the three and 12 months ended June 30, 2018, the company recorded a net loss of C$3.03 million and C$8.52 million, or C$0.02 and C$0.06 per share, respectively, compared with a net loss of C$1.88 million and C$4.47 million, or C$0.02 and C$0.05 per share, for the three and twelve months ended June 30, 2017.
"During the fourth quarter of fiscal 2018, InMed continued to execute on its R&D and business strategy," said president and chief executive officer, Eric A. Adams.
"The company's progress is on track to help establish our leadership position in the field of cannabinoid pharmaceutical research. Our goal is to develop innovative therapies for the treatment of important diseases with high unmet medical needs and to lead the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology."
The company is a cannabinoid-based biopharmaceutical company that uses its proprietary platform technologies to develop novel therapeutics for the treatment of diseases with high unmet medical needs.
The company, in conjunction with its collaborators at the University of British Columbia, said it continues to push forward its production platform for the bio-fermentation of cannabinoids.
Additionally, the company continued to push INM-750 forwards, for the treatment of the orphan disease epidermolysis bullosa (EB). During fiscal 4Q18, the firm continued working to optimize the formulation for INM-750 and initiated work on IND-enabling pharmacology and toxicology studies.
The company said it believes it is on track to begin discussions of clinical development plans with regulatory authorities in the first half of 2019 and to file an IND for INM-750 in the second half of 2019.
"Over the course of this next fiscal year, we will remain focused on building shareholder value via innovative scientific research and development, as well as attaining greater exposure within the investment community in the United States and other key markets," said Adams.