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Be the first with the news that moves the market- InMed Pharmaceuticals (TSX:IN) has reported on its response to the COVID-19 outbreak
- The company has cancelled corporate travel, implemented social distancing at work, and allowed some staff to work from home
- InMed has not yet experienced any negative impacts on its drug development programs
- The company hopes to provide guidance during its next quarterly update in May
- InMed Pharmaceuticals (IN) is up 2.78 per cent, and is currently trading at C$0.18 per share
InMed Pharmaceuticals (TSX:IN) has provided an update on the company’s response to the ongoing COVID-19 crisis.
Earlier this month, InMed started implementing its Pandemic Preparedness Plan. The plan’s guidelines included cancelling all corporate travel, exercising social distancing in the workplace, and allowing all staff to work from home.
Around the same time, the company started interacting more frequently with vendors for research and development programs. This has allowed InMed to monitor the COVID-19 pandemic at the local level.
InMed CEO, Eric Adams, said the company was taking all necessary measures to ensure the health and safety of employees, and to minimise the impact on operations.
“We are closely monitoring all program activities with our numerous contract research organisations on a daily basis. We are fortunate that our administrative, scientific, and clinical teams are able to operate effectively while working remotely.
“InMed is committed to doing everything within its power to limit possible negative effects on our long-term success,” he said.
While COVID-19’s economic fallout has hit many other companies and industries hard, InMed remains relatively unscathed thus far.
The company’s 1NM-755 program is investigating cannabinol cream as a topical treatment for epidermolysis bullosa. InMed has been in regular contact with the Centre for Health and Drug Research in the Netherlands, where the Phase I trial is being conducted.
As the trial is nearly complete, the company does not expect that COVID-19 will cause any significant disruptions to remaining treatments or data collection. InMed is optimistically preparing for the second trial, which should begin enrolling in mid-May.
The company’s INM-088 program is also still on track. InMed believes it will be able to choose an appropriate delivery formulation for the drug soon, and is planning for advanced preclinical testing in the spring.
The company has not reported any major COVID-related impacts on its biosynthesis manufacturing platform, or development activities.
In spite of this, the company’s executive team is proactively reviewing all expenditures, because of continuing uncertainty. InMed’s CEO also admitted that it would be reasonable to expect some impact on company programs over time.
“We will be in a better position to provide guidance on any changes to development timelines during the next quarterly update teleconference in May,” he concluded.
InMed Pharmaceuticals (IN) is up 2.78 per cent, and is currently trading at C$0.18 per share, as of 11:19am EST.
