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InMed Pharmaceuticals Announces Closing of $6 Million Private Placement Priced at a Premium to Market
VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, today announced the closing of its previously announced private placement with two healthcare-focused institutional investors for the issuance and sale of 1,818,185 of its common shares at a purchase price of $3.30 per share (or pre-funded warrant in lieu thereof) priced at-the-market under Nasdaq rules. In addition, the Company has issued to the investors in the offering unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 3,272,733 common shares. The aggregate gross proceeds to the Company from the private placement were approximately $6 million. The Company intends to use the net proceeds from the offering to continue pipeline development of its pharmaceutical drug candidates, advance manufacturing know-how of cannabinoids and cannabinoid analogs, support intellectual property development and other commercial activities, and for general working capital purposes. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The unregistered investment options issued in the offering are exercisable immediately upon issuance at an exercise price of $3.044 per share and will expire seven years from the date of issuance. In addition, preferred investment options to purchase up to an aggregate of 1,382,490 common shares of the Company which were previously issued to the investors in the private placement were cancelled. The unregistered common shares, pre-funded warrants and investment options sold in the offering described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder and, along with the common shares underlying the pre-funded warrants and investment options, have not been registered under the Act or applicable state securities laws. Accordingly, the common shares, the pre-funded warrants, the investment options and the common shares underlying the pre-funded warrants and investment options may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or...