InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development and manufacturing of rare cannabinoids, has closed on a private placement agreement with two healthcare-focused institutional investors. The agreement consisted of the issue and sale of 691,245 of INM common shares prices at $8.68 per share (or prefunded warrant in lieu thereof), totaling approximately $6 million. According to the announcement, INM also issued unregistered preferred investment options allowing the investors to purchase up to 1,382,490 additional common shares. The company observed that the unregistered investment options issued are exercisable upon issuance at an exercise price of $8.44 per share with an expiration date of seven years from the date of issuance. Worth noting is that one investor in the private placement will cancel preferred investment options in order to purchase up to 412,331 common shares of the company, which were previously issued to the investor. InMed anticipates using the net proceeds from the private placement to continue pipeline development of its pharmaceutical drug candidates as well as to advance manufacturing know-how of cannabinoids and cannabinoid analogs and support intellectual property development and other commercial activities along with general working capital purposes. The announcement noted that H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
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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.
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