InMed Pharmaceuticals Inc. provided update on Pharmaceutical Development Programs. INM-755 for the treatment of Epidermolysis Bullosa ("EB"): Enrollment and patient treatment in the Company's Phase 2 clinical trial, 755-201-EB, continued throughout the fourth quarter and, to date, nine patients been enrolled and completed treatment in the study. The 755-201-EB study is designed to enroll up to 20 patients. InMed is evaluating the safety of INM-755 (cannabinol) cream and its preliminary efficacy in treating symptoms and wound healing over a 28-day treatment period.

This study marks the first time cannabinol ("CBN") has advanced to a Phase 2 clinical trial to be investigated as a therapeutic option to treat a disease. In the fiscal fourth quarter, based on the safety data of the first five adult patients who completed treatment with INM-755 CBN cream for the treatment of EB in the Phase 2 clinical trial, an independent Data Monitoring Committee ("DMC") agreed it is safe to allow the enrollment of adolescent patients, defined as persons aged twelve to seventeen. The first adolescent patient with EB has been enrolled into the clinical trial and has completed treatment at the clinical site in Greece during the summer.

Following a period of downtime during the summer months, patient screening and enrollment has now recommenced at sites across Europe. The Company anticipates that the inclusion of adolescents will have a positive impact on the enrollment rate for the remainder of the clinical trial. Enrollment is anticipated to complete during the calendar year 2022.

InMed's Phase 2 clinical trial now has nine clinical trial sites fully activated to screen and enroll patients. Two more sites are expected to be fully activated soon. The clinical trial is taking place in seven countries including Austria, Germany, Greece, France, Italy, Israel and Spain.

INM-088 for the treatment of glaucoma: In the fourth fiscal quarter, the Company completed a pre-Investigational New Drug ("pIND") application discussion with the U.S. Food and Drug Administration ("FDA") regarding manufacturing, preclinical studies and early clinical development plans for INM-088, a CBN formulation in development for glaucoma. The Company gained alignment with FDA on the design of the initial Phase 1-2 clinical trial to gather preliminary data on the safety and efficacy of INM-088 treatment. Management expects to file regulatory applications in the first half of the calendar year 2024 to initiate a human clinical trial.

As referenced in a recent international journal publication [Biochimica et Biophysical Acta (BBA) - Molecular Basis of Disease, Volume 1868, Issue 3, 1 March 2022, 166325], InMed's preclinical research demonstrates that CBN is effective at providing neuroprotection to the retinal ganglion cells and reducing intraocular pressure in glaucoma models, and outperformed several other naturally occurring cannabinoids, including tetrahydrocannabinol ("THC"). New cannabinoid analogs and other R&D programs: Advancing the research and development of cannabinoid analogs remains a high priority for the Company. In April 2022, the Company announced the publication of a patent application in North America for several cannabinoid analogs.

This patent application, covering potentially hundreds of new chemical entities, has broad claims directed to their molecular structure, therapeutic uses and methods of manufacturing. In addition, the Company also initiated a research collaboration agreement with the Department of Biotechnological and Applied Clinical Sciences, University of L'Aquila (Italy) in the laboratory of Dr. Mauro Maccarrone. Dr. Maccarrone's lab will be screening the Company's novel cannabinoid analogs to investigate pharmacological properties and potential therapeutic uses.

In April, BayMedica announced it will be providing rare cannabinoids for use in Radicle Science Inc.'s Radicle Energy rare cannabinoid study to assess the effects of delta-9 ("d-9") dominant tetrahydrocannabivarin ("THCV") on energy, focus/attention, appetite and weight/BMI. BayMedica is supplying its highly pure d-9 dominant THCV, formulated into a proprietary lozenge manufactured by Trokie. The Study has been ongoing throughout the summer and results are expected in October 2022.

The Company continues to advance discovery work for the potential use of cannabinoid analogs to improve neuronal function and provide neuroprotection for treating neurodegenerative disorders such as Alzheimer's disease, Parkinson's disease and Huntington's disease. To date, screening for this indication has yielded interesting analog candidates and the Company will continue to proceed with its plan to find an appropriate compound for a preclinical development program.