InMed Pharmaceuticals Shares Surge 22% Following Key Study Milestone

Shares of InMed Pharmaceuticals Inc. (NASDAQ: INM) surged by 21.98% in after-hours trading on Wednesday, reaching a price of $1.50. This increase followed a regular trading session close of $1.23, which marked a decline of 15.75%, as reported by Benzinga Pro.

Successful Completion of Pharmacokinetic Studies

The Vancouver-based pharmaceutical company announced the successful completion of pharmacokinetic studies for its Alzheimer’s disease candidate INM-901. In a press release issued on Tuesday, InMed confirmed this milestone as the first preclinical study to administer the oral formulation in large animal models.

The studies demonstrated strong bioavailability in vivo over a seven-day period, achieving therapeutic systemic exposure levels. Dr. Eric Hsu, Senior Vice President of Preclinical Research and Development, expressed optimism regarding the results, stating, “The successful completion of our first large animal PK study is very encouraging for the INM-901 program.”

Regulatory Pathway and Financial Position

InMed is advancing its plans for further development by completing additional chemistry, manufacturing, and controls to scale production for Investigational New Drug-enabling studies. To support its Investigational New Drug (IND) submission, the company plans to conduct dose-ranging studies, hold a pre-IND meeting with the U.S. Food and Drug Administration (FDA), and undertake Good Laboratory Practice (GLP)-enabling studies.

As of September 30, 2023, InMed reported a cash position of $9.3 million, which is projected to fund operations into the fourth quarter of 2026, according to its fiscal first-quarter 2026 earnings report. Despite this recent uptick, InMed’s stock has declined by 74.38% year-to-date, with a 52-week trading range between $1.23 and $8.27. The company’s market capitalization currently stands at $3.45 million.

InMed’s comeback may signal renewed interest in its Alzheimer’s drug development, positioning it as a potential player in the rapidly evolving biotech sector. As the company moves closer to potential regulatory approval, investors will be keen to monitor further developments in the INM-901 program.