InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids, has closed on its registered direct offering and concurrent private placement with a single healthcare-focused institutional investor; the offerings were priced at-the-market under Nasdaq rules. According to the announcement, for the registered direct offering, INM issued 4,079,256 common shares at a purchase price of $0.858 per share (or prefunded warrant in lieu thereof). For the concurrent private placement, InMed issued and sold to the investor 1,748,250 common shares (or prefunded warrant in lieu thereto); those shares were offered at the same purchase price as those associated with the registered direct offering. InMed noted that it also issued unregistered preferred investment options to the investor; those investment options allowed for the purchase of up to 5,827,506 common shares. The announcement also outlined amendments to existing warrants that had been previously issued to the same investor. According to the announcement, the company could see gross proceeds from both offerings reach an estimated $5 million. InMed anticipates using the net proceeds from the offerings to continue pipeline development and advance commercial activities as well for general working capital purposes.
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids. Together with its subsidiary BayMedica LLC, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and is dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, please visit www.InMedPharma.com.
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