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InMed Pharmaceuticals Announces the Closing of C$14.95 Million Bought Deal Financing including Full Exercise of Underwriter's Over-Allotment Option
InMed Pharmaceuticals Announces the Closing of C$14.95 Million Bought Deal Financing inclu...
About this update from Infield Minerals Corp
[{"type":"text","content":"\n\n\n\nInMed Pharmaceuticals Announces the Closing of C$14.95 Million Bought Deal Financing including Full Exercise of Underwriter's Over-Allotment Option\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 21, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, June 21, 2018 /CNW/ - InMed Pharmaceuticals Inc. (\"InMed\" or the \"Company\") (TSX:IN; OTCQX:IMLFF), a fully integrated, cannabinoid-based biopharmaceutical company that leverages its proprietary biosynthesis platform technology to develop novel therapeutics for the treatment of diseases with high unmet medical needs, today announced that it has closed the \"bought deal\" financing (the \"Financing\") originally announced on June 12, 2018, and that the over-allotment option of the underwriter, Eight Capital, has been exercised in full.  The total gross proceeds raised by the Company in the Financing were C$14.95 million.\n\n\n \n \n\n \nInMed's President and Chief Executive Officer, Eric A. Adams, commented, \"This financing is expected to fund our most advanced and highest-value programs, specifically our proprietary biosynthesis manufacturing technology and the development of INM-750 for the treatment of Epidermolysis Bullosa.\"  Mr. Adams continued, \"We are confident that the ongoing development of our various programs will lead to the achievement of significant value inflection milestones for the Company.  Together with our cash on hand of C$13.88 million as of March 31, 2018, InMed is now well funded for in excess of two years, after factoring in an anticipated significant increase in research and development expenditures.\"\n\nDue to high investor demand, the Financing was up-sized from its original amount of C$10 million to C$13 million, and the 15% over-allotment option was exercised in full, bringing the total gross proceeds of the Financing to C$14.95 million.\n\nUnder the terms of the Financing, the Company issued a total of 16,611,244 units (t...