InMed Pharmaceuticals (NASDAQ:INM) stock is rocketing higher on Friday after the company revealed research and development (R&D) updates.
According to the cannabis company, InMed is reevaluating its business to better focus on core pharmaceutical efforts. That includes plans to enroll patients in a Phase 2 clinical trial by the end of 2022.
This clinical trial has InMed seeking to treat epidermolysis bullosa (EB). The company is also working to develop a “preclinical drug candidate in ocular disease” as well as further research into proprietary cannabinoid analogs.
INM is Changing Its Commerical Business
One major change that’s coming is to InMed Pharmaceuticals’ commercial business. The company has been targeting the health and wellness market following its purchase of BayMedica last year. However, results haven’t been as expected.
InMed Pharmaceuticals notes that several factors are weighing on its efforts in the health and wellness market. As a result, the company is winding down this part of its business. This will have it reporting a non-cash impairment charge in its upcoming earnings report.
InMed Pharmaceuticals CEO Eric Adams said the following in a news release:
“Our goal is to invest where we see the greatest potential for a return and, in doing so, we must take into account evolving market dynamics. As a result, we have made the decision to focus on our core business in the pharmaceutical drug development area and reduce our financial exposure in the H&W sector.”
Today’s news has INM stock seeing heavy trading. That has some 1 million shares on the move as of this writing. The company’s daily average trading volume is about 46,000 shares.
INM stock is up nearly 32% as of Friday morning.
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