InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, has entered into a definitive agreement for the issue and sale of more than 3 million common shares, or prefunded warrants in lieu thereof. Specifically, the company agreed to a private placement of 3,012,049 common shares priced at $0.83 per share. In addition, the company entered an agreement for an associated preferred investment option as well as a definitive agreement regarding specific outstanding preferred investment options issued in November 2022. The announcement outlines specifics of the agreement. The company also stated that the preferred investment option to be issued will be exercisable immediately upon issuance; exercise price for the offerings will be $0.83 per share, with an expiration date five and one-half years from the date of issuance. InMed Pharmaceuticals is projected to receive approximately $5.2 million in net proceeds from the offerings, before standard deductions and expenses; the offerings should close on or about Oct. 26, 2023, subject to customary closing conditions being met. InMed Pharmaceuticals anticipates using the net proceeds to continue pipeline development of its pharmaceutical drug candidates and to fund commercial sales of rare cannabinoids. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
To view the full press release, visit https://ibn.fm/quRIv
About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, please visit www.InMedPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://ibn.fm/INM
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