VANCOUVER, Aug. 2, 2019 /CNW/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (TSX:IN; OTCQX:IMLFF), a biopharmaceutical company developing a proprietary biosynthesis platform technology for the manufacturing of pharmaceutical-grade cannabinoids as well as an R&D pipeline of medications targeting diseases with high unmet medical needs, today announced the appointment of Bruce S. Colwill, CPA, CA as Chief Financial Officer, effective August 9, 2019.
Mr. Colwill joins InMed with over 25 years of experience in financial leadership roles. Prior to InMed, Mr. Colwill served as Chief Financial Officer of General Fusion Inc., a private clean energy company, since October 2016. Previously, Mr. Colwill was Chief Financial Officer at Entrée Resources Inc. (TSX:ETG; NYSE American:EGI) a mineral exploration company, from February 2011 to March 2016. He has also held Chief Financial Officer roles at Neuromed Pharmaceuticals Ltd., Response Biomedical Corp, Forbes Medi-Tech Inc. and Euronet Services Inc.
"We are delighted to have Mr. Colwill join the InMed leadership team at a pivotal time for the Company," commented Eric A. Adams, President and Chief Executive Officer. "As the CFO of multiple public and private companies, Mr. Colwill has executed a successful IPO as well as multiple equity and debt financings. His financial expertise and deep understanding of the capital markets will help ensure that InMed maintains a healthy balance sheet while continuing to execute on our broader strategic objectives."
"InMed is clearly taking a leadership position in cannabinoid-based pharmaceuticals and manufacturing technology," stated Mr. Colwill. "The combination of the Company's cutting-edge platform technology, combined with its stellar leadership team, is what drew me to this exciting opportunity. I look forward to joining the team at InMed to advance the Company's corporate initiatives and realize the full potential of InMed's disruptive biosynthesis process and cannabinoid therapeutics."
Contemporaneous with Mr. Colwill's appointment, InMed will be consolidating the roles of Chief Financial Officer and Chief Business Officer into one position, that of Chief Financial Officer. Jeff Charpentier will be stepping down from the CFO role but will continue as part of the InMed team in a role with a reduced time commitment. In addition, CBO Josh Blacher has decided to leave InMed to pursue another opportunity in the investment management industry. Management has taken efforts to ensure a smooth transition.
"Jeff has made significant contributions to InMed as CFO which have helped position the Company for success as we progress to our next stage of development. We would like to thank him for his outstanding work in the CFO role and are pleased that he will continue as part of the InMed team to provide his insights," said Mr. Adams. "We would also like to thank Josh for his successful efforts introducing InMed to the institutional investment community and wish him all the best as he transitions back into the investment management industry."
InMed Pharmaceuticals is a biopharmaceutical company developing a proprietary biosynthesis system for the manufacturing of pharmaceutical-grade cannabinoids, as well as a pipeline of cannabinoid-based medications that target diseases with high unmet medical needs. The Company is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines. For more information, visit www.inmedpharma.com.
Cautionary Note Regarding Forward-Looking Information:
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: developing a proprietary biosynthesis platform technology for the manufacturing of pharmaceutical-grade cannabinoids as well as an R&D pipeline of medications targeting diseases with high unmet medical needs; Mr. Colwill joining the Company as CFO; maintaining a healthy balance sheet while continuing to execute on our broader strategic objectives; taking a leadership position in cannabinoid-based pharmaceuticals and manufacturing technology; and Mr. Charpentier continuing to provide services to InMed.
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: Mr. Colwill's continued availability; Mr. Charpentier's continued availability; continued and timely positive preclinical and clinical efficacy data; the speed of regulatory approvals; the ability to contract with suitable partners; demand for InMed's products; and continued economic and market stability. 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: Mr. Colwill may become unwilling or unable to serve the Company as CFO; Mr. Charpentier may become unwilling or unable to continue to provide services to InMed; preclinical and clinical testing may not produce the desired results on a timely basis, or at all; regulatory applications may not be approved on a timely basis, or at all; cannabis licensing/importing issues may delay our projected development timelines; suitable partners may not be located; economic or market conditions may worsen; our existing cash runway may not allow us to complete our forthcoming significant milestones; the development of a proprietary biosynthesis platform technology for the manufacturing of pharmaceutical-grade cannabinoids as well as an R&D pipeline of medications targeting diseases with high unmet medical needs may not be as successful as desired, if at all. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR 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.
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SOURCE InMed Pharmaceuticals Inc.
For further information: Investor Contact: Edison Group, Joe Green, Senior Vice President, Investor Relations, T: +1-646-653-7030, E: [email protected]