INMED PHARMACEUTIC COM NPV (OTCMKTS:IMLFF) Could Be Poised For Gains

INMED PHARMACEUTIC COM NPV (OTCMKTS:IMLFF) traded for more than $0.40 a share at the start of this month.By the end of last week, the company had dipped to $0.28 a share – a depreciation of around 30% in a matter of weeks.This week, however, things have turned around a little bit and the company has spiked to current levels at $0.35 apiece.This circa recovery could be the start of a longer-term turnaround for InMed.Here is a look at what is driving the action and what we see as potentially pushing this one higher heading into the close of the year. IMLFF Daily ChartFor those new to the company, InMed is a biotechnology company that is trying to develop a portfolio of assets towards commercialization in the US, all of which are rooted in cannabis and cannabis science.The company has developed a proprietary technology platform that allows for the isolation and subsequent cultivation of up to 100 cannabinoids outside of the standard CBD and THC normally associated with this area of biotechnology. The idea is that some of these cannabinoids can be used to treat various conditions in a more effective manner than can either of the two common cannabinoids just mentioned, but because of the difficulty in isolation that has existed to this point, it's been tough to create any sort of consistent treatment asset and trial it in line with FDA requirements.The first major application of this technology was reported over the last couple of days, and it is this news that is driving the action we are seeing InMed right now. The company packaged a cannabinoid that it extracted from the cannabis plant using its proprietary technology as a hydrogel delivery formulation and tested it out. The system is designed to overcome some of the standard problems associated with the delivery of treatments directly into the eye – primarily, that of the active compound being washed away when delivered using eyedrops or similar.With this hydrogel system, the active compound is spread evenly as part of a thin gel layer over the cornea through blinking of the eyelid. This 'lens' holds the drug in place and allows for trans-corneal absorption of the drug, which can then diffuse within the eye to the retina.As per the latest news, total drug delivered using this hydrogel nanoparticle formulation was three-times higher than the control formulation.That's pretty substantial and when combined with the fact that this active compound is a never before used cannabinoid and this sort of ocular indication, it has the potential to be a real value driving program as it matures along its clinical development pathway.So what are we looking for next?As noted in our introduction to this company, InMed has a pretty diverse portfolio development assets, but from a near-term perspective, we are looking squarely at the application of cannabinoids to certain ocular conditions as being a real value driver going forward. There is some data associated with the just discussed trial that has been embargoed and is pending release in a medical journal. When this data hits press, we should get a degree of insight into exactly what the company is trying to treat with this sort of hydrogel delivery system and, in turn, how much revenue potential is built into the program subsequent to a successful completion.As such, the next major catalyst on the books for this company is the release of this information.We would also like to see some alternative applications of the company's biosynthesis platform, perhaps even a partnership with a bigger name that allows for the supply of both synthesized cannabinoids from InMed to a secondary entity – something that could provide an alternative revenue stream without too much capital outlay.At the end of June, InMed had a little over $5.16 million cash on hand, removing any very near term dilution risk. However, there is the chance of a raise early next year, so keep that in mind as a risk factor heading into an exposure.Check out our previous coverage of this one here. We will be updating our subscribers as soon as we know more. For the latest updates on IMLFF, sign up below!Image courtesy of Don Goofy via FlickrDisclosure: We have no position in IMLFF and have not been compensated for this article.