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MissionIRNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Enters into $6M Securities Purchase Agreement

InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development and manufacturing of rare cannabinoids, has announced a private placement agreement with two healthcare-focused institutional investors. The agreement calls for the issuance and sale of 691,245 of INM common shares; the shares will be sold at a purchase price of $8.68 per share in a private placement priced according to Nasdaq guidelines. According to the announcement, InMed will also issue unregistered preferred investment options that will allow investors in the offering to purchase more than 1.3 million common shares. The company noted that it anticipates gross proceeds from the placement, which is expected to close on or about Sept. 13, 2022, to reach some $6 million. The company plans to use the funds gathered from the offering to continue its focus on pipeline development of its proprietary pharmaceutical drug candidates as well as advance manufacturing knowledge of cannabinoids and cannabinoid analogs and support intellectual property development and other commercial activities; the company may also use proceeds from the offering for general working capital purposes. The announcement also noted that any unregistered investment options issued in the offering will be exercisable upon issuance at an exercise price of $8.44 per share; the shares will expire seven years from the date of issuance.

To view the full press release, visit https://ibn.fm/js2mF

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development and manufacturing of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs.  We also have 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

About MissionIRNewsBreaks

MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.

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