Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Yep you can't argue with facts.
Everything you stated is factual and it goes to show the difference between good leadership and poor leadership. Adams has shown through his 5 year reign that he is a very poor CEO. I know it sounds like a broken record to say but he has embarrassingly bungled just about every aspect of this company and rendered them a non factor in what is probably the most exciting field of medicine in a decade.
It is a shame to see what Inmed has become. Adams is only interested in enriching himself (and his cronies) while he laughs at (and ignores) the shareholders.
It's funny to see that most of the long time "pumpers" have sold and moved on. They had mocked, berated and bullied anyone who dared bring up a questionable issue about Inmed.
The only viable path for Inmed to salvage any respectability and growth is to REMOVE ADAMS IMMEDIATELY!
Exactly! Remember how he used to argue with anyone who stated facts that weren't in line with his opinion?
He used to spew the same garbage that the "see you at 50" guy did as well as the "napkin math" guru on another site.
Remember folks, the only reason I started posting on here is to call out the pumpers (they are super dangerous) and speak the truth so we can all strive for honesty and transparency with the companies we invest in.
I've been cheated and lied to by the best of 'em and I'm not gonna let new investors fall for the same crap that I did decades ago.
Time to pull the curtain back on Adams and his foolishness. The time is coming real soon.......
Anyone else catch this sneaky move by Adams and company?
I was looking over section 5.02 (compensatory arrangements of certain officers) and look what I found. The last pp in Feb. was done so that Adams, Colwill and Mancini could get a bonus! Well, well, well. How shocking.....
(f) Disclosure of Bonus Omitted From Summary Compensation Table of Registration Statement
As disclosed under the Summary Compensation Table in InMed Pharmaceuticals Inc.’s (the “Company’s”) registration statement on Form S-1, as amended, filed on October 8, 2020 and effective with the Securities Exchange Commission on November 12, 2020 (the “Registration Statement”), certain compensation of Eric A. Adams, the Company’s Chief Executive Officer and President, Bruce Colwill, the Company’s Chief Financial Officer and Secretary, and Alexandra Mancini, our Senior Vice President, Clinical and Regulatory Affairs (together, the Company’s “NEOs”) for the fiscal year ended June 30, 2020 could not be calculated as of the date of the filing of the Registration Statement, as such compensation had not yet been determined by the Company’s Compensation Committee. The Registration Statement mistakenly stated that the amounts unable to be determined at the time of filing were non-equity incentive plan compensation, but should have indicated that such undetermined amounts were bonus awards.
Subsequently, on November 30, 2020, the NEOs were awarded bonuses as follows: Mr. Adams received $67,505, Mr. Colwill received $42,580 and Ms. Mancini received $38,284. This award reflected 50% of the NEOs potential bonus.
In addition, on February 26, 2021, following the completion of the Company’s private placement on February 12, 2021, the NEOs received additional bonus amounts, equal to the November 30, 2020 awards, as follows: Mr. Adams received $67,505, Mr. Colwill received $42,580 and Ms. Mancini received $38,284.
Adams and his crew are literally giving themselves bonuses to dilute the company into oblivion!
In Eric Adams own words:
"Integrasyn which we think is a way to optimally manufacture cannabinoids at a very low cost. Integrasyn is flexible and able to produce A WIDE RANGE OF CANNABINOIDS. Integrasyn is designed to be an efficient, scalable, flexible and economical solution to produce cannabinoids with bio identical structures to those found in nature. While traditional biosynthesis and chemical synthesis focus on production of one cannabinoid from start to finish, the modular IntegraSynTM processes provide flexibility to shift production of one cannabinoid to a range of cannabinoids. This modular approach places less burden on the fermentation microbe and allows for the use of different enzymes and starting materials, leading to optimized yield, time and cost."
Sounds like they've found the cannabinoid holy grail.
He makes it sound like they can produce just about any cannabinoid they want cheaply, purely and quickly.
They should be screaming this from the mountain tops. Wonder why they aren't? Come on, we all know why...
100% agree with you.
There are so many things wrong with the timing of this that someone really needs to check out the 11 "investors" who got to take advantage of this.
Certainly feels/looks likes a related party handout for sure....
Kinda strange how the original IPO was supposed to raise 12M then at the last minute it was reduced to approx 8M. Now all of the sudden the additional 4M is raised at better terms (for the private investors) just a mere 10 weeks later at a time when there is no immediate need for cash??
Things that make you go hmmmm....
Correct, they will expire and be worthless if they are not exercised prior to the expiration date.
(f) Disclosure of Bonus Omitted From Summary Compensation Table of Registration Statement
As disclosed under the Summary Compensation Table in InMed Pharmaceuticals Inc.’s (the “Company’s”) registration statement on Form S-1, as amended, filed on October 8, 2020 and effective with the Securities Exchange Commission on November 12, 2020 (the “Registration Statement”), certain compensation of Eric A. Adams, the Company’s Chief Executive Officer and President, Bruce Colwill, the Company’s Chief Financial Officer and Secretary, and Alexandra Mancini, our Senior Vice President, Clinical and Regulatory Affairs (together, the Company’s “NEOs”) for the fiscal year ended June 30, 2020 could not be calculated as of the date of the filing of the Registration Statement, as such compensation had not yet been determined by the Company’s Compensation Committee. The Registration Statement mistakenly stated that the amounts unable to be determined at the time of filing were non-equity incentive plan compensation, but should have indicated that such undetermined amounts were bonus awards.
Subsequently, on November 30, 2020, the NEOs were awarded bonuses as follows: Mr. Adams received $67,505, Mr. Colwill received $42,580 and Ms. Mancini received $38,284. The NEOs are compensated in Canadian dollars and the amounts they received were converted using the Bank of Canada average daily rate of exchange for the year ended June 30, 2020 of U.S.$1.00 = C$ 1.3426 or C$1.00 = U.S.$0.7448.
Pursuant to Item 5.02(f) of Regulation 8-K, such bonus awards are set forth below, together with the other compensation previously reported and the new total compensation amounts for Mr. Adams, Mr. Colwill and Ms. Mancini for the fiscal year ended June 30, 2020. This table and footnotes supersede the Summary Compensation Table and footnotes set forth in the Registration Statement in their entirety.
Adams
Salary = $287,257
Bonus = $68,995
Options awarded = 313,656
Total compensation = $669,908
Colwill
Salary = $202,128
Bonus = $43,250
Options awarded = 81,636
Total compensation = $327,648
Mancini
Salary = $230,133
Bonus = $39,774
Options awarded = 109,651
Total compensation = $379,558
Just received an alert from the USPTO about Inmed's EB patent application which states the following:
Title: USE OF TOPICAL FORMULATIONS OF CANNABINOIDS IN THE TREATMENT OF EPIDERMOLYSIS BULLOSA AND RELATED CONNECTIVE TISSUE DISORDERS
Application: 16098324
New status: Non Final Action Counted, Not Yet Mailed
Date of new status: 12/07/2020
The new status reflects the last status in Public Patent Application Information Retrieval (PAIR) as of 11:59 p.m. ET on
the date noted above.
For those who aren't familiar with the process, a "Non-Final Office Action" always contains a rejection of or objection to some part of the patent application. Inmed has an opportunity to respond to a this by doing one or both of the following: (1) arguing that the examiner is incorrect; and (2) amending the claims and/or specification of the application to overcome the examiner’s rejections. They could also speak with the examiner on the telephone or meet with the examiner in person in an attempt to reach an understanding and obtain allowance of the patent application.
This is a normal part of the process and does not necessarily indicate that the patent application will not be granted as a patent, just wanted to pass along the info.
Next year there's a total of 210,605 options due to expire at a price range of $2.02 - $4.94 (the majority being at $2.02 - $2.78). It will be very interesting to see if any of those options are exercised.
Adams
60606 @$2.02 expire 5/15/21
60606 @$2.78 expire 6/15/21
Garner
24242 @$3.29 expire 6/10/21
Hull
30303 @$2.78 expire 9/12/21
Mancini
12121 @$4.94 expire 10/28/21
Cutler
22727 @$2.78 expire 7/26/21
Cutler also had 1515 expire on 11/27/20 (@3.54) and 6061 expire on 11/23/21 (@$3.67)
Knowing Adams and the way he operates, I'm sure he'll find a way to inflate the sp in order to exercise the options to then be able to schedule a pretty quick dump.
Other than the options he was awarded last week (I don't know what the vesting time is nor the exercise price) the rest of his options are in the exercise range of $11.01 - $39.23 so it certainly benefits him to jump on the ones next year. I'd say a really good "tell" would be to see if Adams does not exercise the 60606 5/12/21 options @$2.02 (or at least some portion), if not, I'd say there's big trouble on the Inmed home front.
Who really knows what the sp will be next May so this is just something to keep an eye on. It would be a nice infusion of confidence by management to see some of these options get exercised though.
Remember when I said at the time of the announcement of the reverse split and Nasdaq application that this was all just a head fake by Adams? The nasdaq uplist was just a way for him to divert his shareholders attention away from the RS. Well, guess what? That's exactly what it was.
Be certain of one thing - if the news they are sitting on was good (like they have successfully upscaled bio and can do it in a very low cost manner) then there would've been no need to raise money at such depressed levels. The positive news release would've raised the price organically then you could do the raise at the higher price.
Adams is a terrible CEO but he's a savvy guy. He knows how to package up a crap sandwich and make it look like filet mignon.
I have rarely seen a CEO care so little about his shareholders and be so blatant about it.
He literally is diluting this company into the ground. The sp, as of this morning, is equivalent to $.098/share pre split. And its only going to get worse.
No relevant news is ever released and calls and emails to investor relations have gone unanswered for months/years.
The question now is "What's his endgame?" What does he do now? In a couple of months will he announce that he's leaving the company citing that "I've led this company sucessfully all the way to the Nasdaq and my job is done!" Getting out before it really hits rock bottom?
Exactly.
Adams knows the gig is up. He has thrown his hands up in the air and said "oh the hell with it - they all know we are full of crap".
I honestly feel bad for those who have believed in him and held on for years. He took everyone to the cleaners while lining his pockets.
A couple of us here on this board (myself included) have said for a long time that the science behind Inmed's approach may very well be "game changing", however under the direction of Adams, there has been one mis step and delay after the next.
He provides zero transparency and instills zero confidence to his shareholders.
He filled the board and management team with his friends and past co workers only to focus on filling his pockets at the expense of the shareholders.
He is NOT the guy to guide the company properly. Now more than ever that is clearly evident.
Adams has been CEO for over 4 years and his accomplishments are:
- He sold all his shares the day after securing a private funding
- Has ZERO patents granted
- changed formulation of EB drug to single cannabinoid after constantly touting how well the "double cannabinoid" formulation was
- Abandoned the pain program
- the share price is lower than when he started
- orchestrated a 33:1 reverse split
- Delayed ocular program into oblivion
- Ran off Dr. Hossain
- Claimed that 2 years ago companies were "knocking on his door to buy buckets of cannabinoids" but he didn't want to sell to them "just yet". We all know that was a lie because to this day they still aren't in a position to produce at a level higher than small bench scale.
As I always say, listen to what these CEO'S don't say as much as what they do say. And ALWAYS judge them on the results.
Would you be confident with Adams heading up your company??
I have little confidence that the Nasdaq uplist will even happen. I wouldn't be surprised to hear that its been withdrawn "for reasons beyond our control due to current market conditions"....
Adams is savvy enough to know that the only way to "sell' a reverse split to all of his current shareholders (without them going berzerk) is to make big promises, which is what he did in this case with the nasdaq uplist. He is a master at over promising and under delivering.
On the other hand, the fact that Adams is so savvy and he is looking for one last chance to cash out, he may have something brewing to pump this one more time before he heads for the exits. Hard to tell with this guy because he has zero transparency.
They has better get their ducks in a row because I will be on the other end of the phone during the next quarterly call asking the questions - they won't be able to ignore me. It's time for him to answer some real questions!!
Exactly. I see they filed another S1/A today. what is this now, the third one??
More delays undoubtedly.
I'm sure people will spin this as "a smart move on Adams' part"...lol
I'm well aware of what lack of unity means - glad you decided to educate yourself. However, simply regurgitating the definition - as you did - does not mean you have an understanding of exactly what it takes to overcome that burden.
It now means Inmed will have months of work ahead of them to either argue the claims as relevant, drop the claims all together or more likely, have to re work the PCT filing to accommodate the requirements.
Not so easy now is it?
By the way - who's freaking out? Not me. Although I still hold a position in Inmed, I greatly reduced it once the R/S was announced. That was a no brainer....
Give this some thought:
Pain PCT showed lack of unity -- Inmed basically has abandoned the program as a whole. Hasn't been mentioned in at least a year.
Original EB PCT (dual cannabinoid formula) showed lack of unity -- all the sudden there was a shift to a single cannabinoid (CBN) to essentially buy more time to kick the can further.
Original E. Coli biosynthesis PCT -- sudden shift away from E. Coli to new Integrasyn method to buy more time to kick the can further.
Doing a reverse split under the guise of a "Nasdaq uplist" then all of the sudden having delays with the uplist process.
IS THERE ANYONE WHO SEES A PATTERN HERE??!!
All Adams knows how to do is successfully achieve delays.
Come on guys, everything is right in front of us and Adams thinks we are all dummies....
I'd caution those who feel this is an ironclad PCT. It is by no means a slam dunk.
Notice on the first page, the box marked "lack of unity of invention" is checked. If you'd like to educate yourself on patent procedures and details, please google what that means. It isn't good. It doesn't mean there is no path to getting a patent granted, but it does mean there is a lot more additional work to do to get it done. This is particularly disturbing since this is the IP they worked with Almac on and is the basis of their "Integrasyn" method. That's why there have been delays as well as no straight answer on whether they have overcome the "biological burden" that Dr, Hsu spoke of months ago.
Check out Inmed's PCT's for PAIN as well as EB -- they both show lack of unity as well. That's why when Adams was asked about patents in the recent call, he didn't mention those two - he knows they are dead in the water.
On a positive note, the ocular PCT is solid and should eventually get granted.
With Adams (as well as alot of other slick CEO'S), you need to listen to what they don't say just as closely as you listen to what they do say.
Very true.
Thinking out loud, why would any "new" investor want to start a position in this company right now? When doing your initial DD you certainly would notice the delays, issues. etc. That would be a red flag for me to stay away until there was something that even resembled a relevant news release.
I would think if Inmed is serious about the Nasdaq, they had better be sitting on something pretty substantial to release after the SEC imposed "quiet" period they are in now is over. Otherwise, their time on the Nasdaq will be very limited if they can't maintain listing requirements (if they even make it to the Nasdaq).
I wonder if Adams has a clause in his contract that he gets a bonus if he gets a Nasdaq listing? I know he got a bonus when he got on the TSX....If so, I will go on record as saying Adams will stepdown about 6 months after the uplist. Cash out his shares, take his bonus and run from this debacle....
Good point - the R/S wrecked the long term investors (as it usually does). Helluva mountain to climb to get back to even.
I actually feel bad for the long term investors - Adams has created a pretty good smoke screen over the years.
He had me fooled for a little while but luckily I noticed pretty quick the "tell tale" signs of a smooth talkin CEO - unfortunately I have seen it many times before (and apparently so have you).
All the pumpers who come on these boards are just looking to be comforted when they should be studying the facts.
They really did make it a short call. The Inmed playbook is becoming very well defined - delay everything.
One might say "well, Covid has caused alot of delays". Not true. I save all investor presentations and record all conference calls. The last 6 calls (a full year and a half worth of updates) have included delays. Not just minor delays, but delays on key milestones - which they self-implemented....
Today:
Delay in EB trial
Delay in Biosynthesis (Integrasyn) scale up
Delay in Nasdaq uplist (probably due to the folks at Inmed not being able to fill the forms out correctly or missing a due date...)
There has even been a delay on picking the ocular cream -- they have been in the "process" of making a choice for 15 months.
At some point someone has to get a little suspicious.
No matter how deep you bury the garbage, the stink eventually hits the surface. Hey Adams, are you prepared when the stink hits the surface??
It boggles my mind that "investors" come on here to sing the praises of a company, then when confronted with actual facts, they immediately label the poster a "basher". There is not one falsehood you've stated -- just the hard simple truth. Yes, its hard for many to hear, but to make wild claims as to why inmed has faltered is just ridiculous. Inmed has been anything but transparent about missing milestones and they certainly have never addressed it nor attempted to offer any explanation.
"Inmed is at least a year ahead in the field of cannabinoid biosynthesis"?? Are you kidding?
Some people really need to do some research. How can you be invested in Inmed and not know the actual facts about their competitors??
Good luck with your "buy and hope" strategy.....
These biotech micro cap "startups" seem to all use the same playbook.
Overpromise, under deliver, miss milestones, try to explain it away (or ignore altogether), kick the can, ignore investors, do a reverse split, stretch things out then fade away.
Originally I kinda thought Inmed had more going for it (pinning alot of hopes on biosynthesis) but apparently not....
Its a harsh reality of investing. Follow the facts, not the bluster.
Yep for sure. When a R/S is announced (for any company really) especially a 33:1, its a no brainer to sell and get back in later at a big discount. This was pretty much a "lay up" - sell when they announced and wait for the inevitable big pullback to get in if you so desire.
Someone dumped a big chunk today - equivalent to about 400k shares pre-split.
Wonder who? EA? AM? Wonder what they just found out? Hmmm....
Question - Anyone notice that the 'Bioinformatics" platform suddenly disappeared off of Inmed's website? They had touted that platform for years. Apparently it couldn't perform its intended function....
Exactly right Aladdin. There will be some on here saying you are "bashing" the company, however that was literally word for word what he said exactly one year ago today in the quarterly release (those who doubt it can check the release on the website).
But, I guess there haven't been any delays.....
Again, things like this just speak to the credibility of Adams. I actually have to give him credit - he is a master at stringing along his investors. I have a tough time believing any of his comments/timelines/statements.
Those who choose to believe him - I wish you the best.
I will continue to push for details and hold him accountable.
Well I certainly agree with you that life is fun. Been investing for almost 30 years and was lucky enough to retire in my mid 40's.
Emotional trading has not made me anywhere near the $ that fact based trading and investing has.
I absolutely believe in the science here, just don't think Adams is the guy to get the ball into the end zone.
Stay safe and stay well.
Being a realistic is nowhere near the same as being a pessimist - but that's certainly a assumption that inexperienced investors seem to make.
"That is my opinion", "I still believe", and "I hope" are all phrases rooted in emotion and not based on data. I prefer to let the data and hard facts steer my investment thesis. This is sometimes hard for other "investors" to hear and adhere to.
Good luck to you though.....
Not angry - just a realist.
Please elaborate (if you are able) as to why you feel its good news.
I'll await your reply.
How is this "awesome" news?
In typical Adams fashion, he just "gave em enough to shut em up".
All the NR did was name the CMO. OK, fine but we already knew they were working with a CMO (and Almac isn't earth shattering) and there was absolutely no info regarding the "biological burden" they have encountered and if a proper workaround has been discovered.
Remember, according to Dr. Hsu, they were supposed to be making a decision on the alternative method "in a couple of weeks" - that was months ago.
They, self admittedly, have been working with Almac for "several months" on this alternative method and apparently still don't have an answer. I understand that certain methods and procedures are proprietary, but don't tell us you'll have it figured out in a couple weeks and then neglect to address the issue when you in fact DON'T have it figured out.
This is a BS news release from Adams just to buy more time. This speaks to the lack of transparency that he has and his unwillingness to openly admit that his own timelines/milestones continually are missed without explanation.
Exactly right Aladdin.
I cant believe the excuses that "investors" allow themselves to believe in order to make themselves feel better about their investment.
What was Inmed's excuse prior to Covid -19?
In June, Adams will celebrate his 4 year anniversary as CEO. All he's managed to accomplish is to find a couple dozen people in the Netherlands who will let him rub some cream on their backs. He sure as hell can't seem to figure out biosynthesis.....
Can't disagree with you. Based on current burn rate, May/June seems logical. The timing of this couldn't be worse when current market conditions are factored in.
I hope they can delay the reverse split for a while - we all know that the fates of companies that endure a RS are generally never good. However, based on the large amount of dilution the next cap raise will cause, it appears a RS is most likely a foregone conclusion. The only question is when??
Really a shame how this has and will continue to progress for Imned - especially for the long term holders who have been and will continue to be washed out by Adams. I'm not going to rehash all the many reasons - everyone knows he's not the guy to get the job done. Inmed has just become a landing spot for all of his buddies, etc, etc.....
EB patent - current US status (straight from the USPTO):
US20190142788A1
United States
InventorSazzad Hossain Current Assignee Inmed Pharmaceuticals Inc
Worldwide applications
2017 CA AU US WO CN EP SG JP 2018 IL
Application US16/098,324 events
2016-05-04
Priority to US201662331633P
2017-05-04
Application filed by Inmed Pharmaceuticals Inc
2017-05-04
Priority to US16/098,324
2017-05-04
Priority to PCT/CA2017/050546
2019-05-16
Publication of US20190142788A1
2020-04-01
Application status is Abandoned
This June, Adams will have been with Inmed for 4 years. Let's recap his list of accomplishments:
- Dilutively raised cash
- Laughed in the face of those who bought the private placement buy blowing out his entire position just 48 hours after the deal was signed. What a completely unprofessional and unethical (albeit not illegal) thing to do.
- Hired his buddies and ranoff off anyone who could see through his BS (Hossain, Bott, Blacher).
- Delayed every milestone of the company
- Abandoned the pain program
- Abandoned the EB patent in the US (just spoke with the USPO again - they are still waiting for Inmed to address issues)
- But he did manage to find 22 people in the Netherlands that will allow him to slather some cream on their backs....
Adams has blown past being a joke of a CEO, its bordering now on purposeful ineptitude.
"Some aspects of biological sample and data analyses will be delayed by COVID-19 pandemic-related restrictions and will impact the timing of announcing final study results"
So finally Adams has a "real" reason to delay further. He has to be smiling over this. However, years of kicking the can has now got him in a real pickle.
Biosynthesis = Delayed
EB PH1 = Delayed
Running out of money = Right on track (just wait until they announce the horribly dilutive deal to get some additional cash - its gonna be ugly)
With many CEO's foregoing their pay for the remainder of the year, I think it is reasonable to ask Mr. Adams to do the same.
Think he will? No chance!
He is going to keep getting paid because that's his only reason for being at Inmed. Its obvious he doesn't have any urgency to move real issues forward.
Also, in comparing the Feb presentation to the March presentation, there are a couple other items that have been pushed back:
Ocular
"Initiate IND/CTA enabling tox studies" has gone from 1st half of 2020 to 2nd half of 2020 (page 23)
Also, the ocular pre-ind meeting that was listed as "if needed" is now apparently needed and is listed to be held in 1st half of 2021. Looks like they need additional proof of concept for neuroprotection (which was supposed to start 1st half 2020 and is now scheduled to begin 2nd half 2020).
Want to throw a question out to the board.
I noticed in the Jan 2020, Feb 2020 presentation as well as now in the updated March 2020 presentation, under the biosynthesis update (pg 10) it is stated for 2H20 "Initiate GMP batch production at CDMO (if needed)". The "if needed" phrase was not included in any of the 2019 presentations.
I am curious as to exactly what they mean by "if needed".
Does it mean they may not produce at the CDMO and produce elsewhere?
Does it mean they may not produce at commercial scale at all?
Does it mean they may just produce what they need for in house purposes and not commercially monetize biosynthesis at all?
Its unclear to me and welcome anyone's insights.
Thanks.
Aladdin - just curious if IR ever answered your inquiries?
I haven't even gotten so much as a "read receipt" from my emails...
So you are content with the rate at which Inmed is progressing - especially in regards to biosynthesis?
Are you content with the level of transparency and updates they provide?
You happy with investor relations not responding to email inquiries? (and before you say "they can't reveal anything to you" blah blah, I am well aware of that. They don't even provide a "form letter response" to actually let you know they received an inquiry and will update in due time...nothing ever).
So you are good with a company treating shareholders like that?
Adams has yet to have his feet held to the fire and actually answer for the milestone delays (by the way - HE is the one setting the timelines not us so he should be held accountable when those timelines are delayed).
These are basic things that companies do all the time and Inmed should not be given a free pass. Period.
Spot on. Dilution is inevitable unless they somehow pull a rabbit out of the hat - maybe news of a patent grant or something but the chances are slim.
Anyone who is ok with dilution at this stage of the game for Inmed is out of their mind. I know start ups dilute - its expected. However with Inmed, they were supposed to have biosynthesis commercialization and scale up costs finalized by now (which is why the last financing included the June 2020 warrants at $1.25 US.) The timing was supposed to be perfect for everything to fall in line, but as we all know now, they aren't close to having answers.
This is a big failure for Adams and team but the koolaid drinkers seem to think all is well on the home front.
Let's see how they all feel when the next round of financing consists of about 75mil shares at $0.17/ea. (US). That's if they are lucky. There won't be many companies standing in line for that deal based on Inmed's (and Adam's) history.
The pressure will start to mount on Adams so he better hope that rabbit is in the hat somewhere.....
I would have to agree with you Aladdin. There is no doubt capital is needed and there currently appear to be very few options other than dilution which at this depressed sp would be a disaster. There's nothing the company has that's "mature" enough that would attract a partner so that's not a viable option.
This goes back to what we've been saying for quite some time now. Adams has kicked this can down the road for so long and now he's gonna kick the "cans" of his stockholders with another (most likely terribly dilutive) cap raise.
The pace this company moves at (especially with biosynthesis) is becoming comical. They clearly haven't overcome the biological burden yet so there's no way they are even close to providing cost models or commercializing scale up. I know on the call they said again that they hope to decide within the next "few weeks", however IMHO, I doubt we get any answer by the next quarterly call.
And by the way, I was less than thrilled with the "accounting error" they reported. Any 3rd year accounting/finance major at any university would've caught that mistake. Mr. Colwill has been with the company for about 6 months and already pulled such a boneheaded mistake? I thought this guy was supposed to be the greatest?! At least according to all the pumpers...Ugh...