$IMLFF $IN.C On watch for another BIG move and stays on High Trading Alert
Shares of InMed Pharmaceuticals Inc. (OTCQB:IMLFF CSE: IN.c) shot to a record high of $0.86 out of the gate this week, trading up over 127% over the past 45 days. Due in part to this emerging biotech reporting 2 successful patent filings for its Biosynthesis and Pain Programs and trial results for one of its pain drugs. Importantly, InMed recently announced pre-clinical results in the development of INM-405 for the treatment of pain; succesfully demonstrating their Bioinformatics, Biosynthesis and Drug Development IP.
InMed filed two provisional patent applications: the first pertaining to the Company’s proprietary biosynthesis program for the manufacture of cannabinoids that are identical to those found in nature and another for for INM-405 with unique compositions for cannabinoid-based topical therapies for the treatment of pain. These are important steps in protecting the Company's intellectual and commercial property. The foundation of the INM-405 patent is for the development of 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.
The $58.6 billion global market for pain management drugs is on track to hit upwards of $77.1 billion by 2023 on a four percent CAGR , and InMed’s (OTCQB: IMLFF CSE: IN.c) pre-clinical pain results are important developments to combat dangerous opioid drug side effects. Hoping to shift market focus to cannabis in the treatment of chronic pain.
$IMLFF is holding breakout levels and looks very close to another, charting towards the $1.00+ barrier as you can see with the positive trendline.
Given IMLFF's brow-raising 127.5% - 45 day gain, it's possible shareholders maybe waiting for the $1.00 breakout. Whatever the motive, Biopharmacuetical companies may offer important developments in the need to find alternatives to treat chronic and severe pain that are non-addictive and have limited side effects.
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