- InMed announced a non-binding letter of intent to acquire BayMedica Inc.
- The move is designed to grow InMed’s market presence and strengthen its operations
- The two companies have had a reciprocal research collaboration that dates back to November 2020
- InMed looks to capitalize on the growing cannabinoid industry that is projected to grow at a CAGR of 21.2% from 2021 to 2028
InMed Pharmaceuticals (NASDAQ: INM) is a clinical-stage company committed to developing cannabinoid-based pharmaceutical drug candidates. It also manufactures technologies for pharmaceutical-grade rare cannabinoids. It is known for creating a pipeline of cannabinoid-based pharmaceutical drug candidates to treat various diseases with high unmet medical needs.
In a move to grow its market presence and strengthen its operations, the company announced that it had entered into a non-binding letter of intent (“LOI”) to acquire BayMedica Inc. (https://cnw.fm/PtP5l).
This announcement followed the two parties’ reciprocal Research Collaboration Agreement back in November 2020, which saw them collaborate on several projects since (https://cnw.fm/PtP5l). The agreement allowed BayMedica to assess particular elements of InMed’s proprietary IntegraSyn(TM) approach in producing cannabinoids. In addition, InMed began a preclinical investigation of different compounds selected from BayMedica’s extensive library of proprietary cannabinoid analogs, designed to be developed to treat human diseases.
While making the announcement, Eric A. Adams, the president and chief executive officer (“CEO”) of InMed, noted:
“We are very excited about the prospect of continuing to work with BayMedica and the potential to build a leading rare cannabinoid company together (https://cnw.fm/PtP5l).”
He further noted that:
“Since commencing our collaboration in November last year, it has become apparent that our complementary business models and capabilities have the potential to provide a platform to expedite the growth of both companies and provide the flexibility of multiple processes for the manufacturing of rare cannabinoids.”
The acquisition is intended to turn InMed into a powerful cannabinoid manufacturing company. With the company’s IntegraSyn(TM) pharmaceutical-grade manufacturing process, along with BayMedica’s rare cannabinoid manufacturing and ongoing revenue generation, Mr. Adams reckons that the company’s overall value proposition to customers would increase significantly, all while allowing the company to position itself at the forefront of the growing rare cannabinoid sector (https://cnw.fm/fgRRN).
BayMedica is a biotechnology company that utilizes its expertise in synthetic biology and pharmaceutical chemistry to develop scalable, efficient and proprietary manufacturing approaches (https://cnw.fm/1V2Oj). With this, it is known to produce regulatory-compliant, high-quality rare cannabinoids designed for the consumer market. Currently, BayMedica is commercializing the rare cannabinoid cannabichromene (“CBC”) as a business-to-business (“B2B”) supplier to distributors and manufacturers who are providing it in the health and wellness sector. The company is targeting additional rare cannabinoid launches for 2022.
InMed is committed to becoming a leader in the cannabinoid sector. This move to acquire BayMedica confirms its ambition, along with the successful collaboration that the two companies have had so far.
For more information, visit the company’s website at www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://cnw.fm/INM
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