Business
InMed Pharmaceuticals Announces Closing of $5 Million Registered Direct and Private Placement Offerings Priced At-The-Market Under Nasdaq Rules
VANCOUVER, British Columbia, June 06, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the research,
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, June 06, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids, today announced the closing of its previously announced registered direct offering and concurrent private placement with a single healthcare-focused institutional investor priced at-the-market under Nasdaq rules. The Company issued 4,079,256 of its common shares at a purchase price of $0.858 per share (or pre-funded warrant in lieu thereof) in the registered direct offering. In the concurrent private placement, InMed has also issued and sold to the investor 1,748,250 common shares (or pre-funded warrant in lieu thereto) at the same purchase price as in the registered direct offering. In addition, the Company issued to the investor in the offerings unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 5,827,506 common shares. The aggregate gross proceeds to the Company of both offerings were approximately $5 million. The Company intends to use the net proceeds from the offerings to continue pipeline development, advance commercial activities and for general working capital purposes. H.C. Wainwright & Co. acted as the exclusive placement agent for the offerings. The unregistered investment options issued in the offerings are exercisable immediately upon issuance at an exercise price of $0.74 per share and will expire six and one-half years from the date of issuance. The Company also amended certain existing warrants to purchase up to an aggregate of 4,480,771 common shares of the Company that were previously issued to the investor, with exercise prices ranging from $2.848 to $5.11 per share and expiration dates ranging from July 2, 2026 to November 16, 2026, effective upon the closing of the registered direct offering so that the amended warrants have a reduced exercise price of $0.74 per share, are not exercisable until six months following the closing of the registered direct offering and expire seven years following the closing of the registered direct offering. The common shares, pre-funded warrants and common shares underlying the pre-funded warrants (but excluding the common shares and pre-funded warrants sold in the private placement and the investmen...