InMed Secures Exemption Needed to Begin Trials
March 23rd, 2015
News, Top News
InMed Pharmaceuticals Inc. [stockquote symbol=IMLFF] (CSE: IN), a clinical stage biopharmaceutical company that specializes in developing safer, more effective cannabis-based therapies, recently announced that it received a notice from Health Canada dated March 12, 2015 that approved its application for exemption under Section 56 of the Controlled Drugs and Substances Act.
“Obtaining this exemption is a critical milestone for InMed as we prepare for human clinical studies for our lead programs in Glaucoma (CTI-085) and Arthritis (CTI-091) moving towards the clinical development of their respective proprietary delivery systems,” said InMed Pharmaceuticals Inc. CEO Craig Schneider.
The exemption enables the company to use a specific quantity of cannabinoids for research and development purposes, which includes in vitro studies evaluating the compounds in animal models of human diseases. In addition, the Office of Controlled Substances’ licensed dealer has been notified to import the controlled substances on behalf of the company.
The company’s proprietary Intelligent Cannabinoid Drug Design Platform (“IDP”) uses bioinformatics tools to identify individual chemical compounds from cannabis and non-cannabis plants that can be targeted to develop therapies for specific diseases and conditions. These therapies are designed to have an accelerated pathway for development and commercialization.
Shares of InMed Pharmaceuticals Inc. jumped more than 6% in early trading on Monday, March 23, 2015.
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