InMed Pharmaceuticals surges, catches retail investor attention
09/09/2022 13:46
** Shares of drug developer and manufacturer of cannabinoids
InMed Pharmaceuticals Inc INM.O jump 35.3% to $12.00 premarket
** INM is #3 trending stock on retail investor focused
social media Stocktwits.com
** Co rose 0.8% on Thur after saying it plans to focus on
pharmaceutical drug development and reduce exposure to Health &
Wellness (H&W) sector through its recently acquired co BayMedica
** Despite significant efforts, market demand for
BayMedica's naturally-occurring cannabinoids in H&W sector is
not progressing as anticipated - co
** INM said it expects to report non-cash impairment charge
of $3.5 mln of its long-lived assets from the acquisition during
the qtr ended June 30
** Up to last close, INM has fallen ~73% so far this year
(Reporting by Bansari Mayur Kamdar in Bengaluru)
((BansariMayur.Kamdar@thomsonreuters.com;))