VANCOUVER, Oct. 3, 2017 /PRNewswire/ - InMed Pharmaceuticals, Inc. ("InMed") (CSE: IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, today announced the filing of a provisional patent application in the United States for INM-405 and other unique compositions as cannabinoid-based topical therapies for the treatment of pain, which is an important step in protecting the company's intellectual and commercial property.
While there are numerous pharmaceutical products to treat both acute and chronic pain, the increase in the number of prescriptions for the opioid class of products (oxycodone, hydrocodone, morphine, methadone, fentanyl, etc.) has led to concerns as these products can be highly addictive and have damaging side effects, including death. According to the United States Centers for Disease Control and Prevention, drug overdose deaths continue to increase in the United States, with the majority (more than 60%) involving an opioid. Since 1999, the number of overdose deaths involving opioids (including prescription opioids and heroin) quadrupled, as have the number of prescriptions for opioids, yet there has been no increase in the amount of pain reported in the general population. Thus, there is a need to find alternatives to treat chronic and severe pain that are non-addictive and have limited side effects. InMed is researching the potential of non-THC (tetrahydrocannabinol, a psychoactive ingredient in cannabis) cannabinoids to treat pain using a proprietary topical formulation.
"There remains a significant need in the field of analgesia for a product that can treat pain via a topical route of administration, which would reduce systemic exposure and any associated side effects," said Dr. Sazzad Hossain, Chief Scientific Officer of InMed Pharmaceuticals and a co-inventor on the patent. "InMed's focus on non-psychoactive cannabinoids further reduces concerns regarding addiction, a key concern in pain management."
InMed's study results published earlier this year by InMed in the European Journal of Pain (NR July 27, 2017) highlighted the topical application of THC to successfully treat peripheral pain. The foundation of this patent is the unreported data on non-THC cannabinoids and their ability to modulate pain. The patent cites a range of cannabinoids, alone or in combination, applied topically to treat various types of pain – muscle, nerve, arthritis-induced joint pain, etc.
InMed is a pre-clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. InMed's proprietary bioinformatics database drug/disease targeting tool, cannabinoid biosynthesis technology and drug development pipeline are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com
Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about the provisional patent application for INM-405, the potential medical benefits of INM-405, the potential for this patent application to provide any intellectual property protection for InMed and the expected fundamental value drivers of the company.
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: that InMed's patent application will be accepted and will result in InMed expanding its patent portfolio; InMed will be successful in advancing its INM-405 and other topical therapies and that such therapies will produce the medical results expected. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: third parties may contest InMed's patent application, which may result in patent protection not being obtained or being limited in scope; InMed may abandon its patent application in the future; INM-405 and InMed's related other cannabinoid-based topical therapies may not produce the health benefits expected and may not be approved by regulatory authorities for sale to the public; and InMed's proprietary platform technology, product pipeline and drug development programs may not return their expected level of value.
A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's Annual Information Form and other continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE InMed Pharmaceuticals Inc.