Business
InMed Announces Pricing of US$8M Public Offering and Listing on the Nasdaq Capital Market Under the Symbol "INM"
VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ - InMed Pharmaceuticals Inc. (\"InMed\" or the \"Company\") (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the clinical development of cannabinol (\"CBN\"), today announced that it has priced a public offering of an aggregate of 1,780,000 common shares, together with accompanying warrants to purchase up to an aggregate of 1,780,000 common shares, at a public offering price of US$4.50 per share and accompanying warrant. Each common share will be sold in the offering with one warrant to purchase one common share. The warrants have an exercise price of US$5.11 per share, are immediately exercisable upon issuance, and expire six years following the date of issuance. The underwriters have also been granted an option to purchase an additional 267,000 common shares and additional warrants to purchase up to an aggregate of 267,000 common shares for a period of 45 days.\n\n \n \n \n \n \n \n\n \nInMed's common shares commence trading on the Nasdaq Capital Market (Nasdaq) effective today under the symbol \"INM\".\nThe offering is expected to close on November 16, 2020, subject to customary closing conditions.\nRoth Capital Partners is acting as sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager.\nInMed anticipates its gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be approximately US$8 million, excluding any exercise of the underwriters' option to purchase additional securities.\nInMed intends to use the net proceeds from the offering, together with its existing cash resources, for general corporate purposes, which may include funding preclinical and clinical development of its cannabinoid drug candidates INM-755 (dermatology) and INM-088 (ocular diseases), advancing its IntegraSynTM manufacturing platform, and for working capital purposes.\nThe securities described above are being offered by InMed pursuant to a registration statement on Form S-1 (File No. 333-239319) previously filed with and declared effective by the U.S. Securities and Exchange Commission (\"SEC\") on November 12, 2020. The offering is being made only by means of a prosp...