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InMed Pharmaceuticals Announces the Closing of $5.2 Million Private Placement and Preferred Investment Option Exercise Priced At-the-Market Under Nasdaq Rules
Vancouver, British Columbia--(Newsfile Corp. - October 26, 2023) - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a leader in the
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - October 26, 2023) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (\"InMed\" or the \"Company\"), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, today announced that it has closed its previously announced offering for the issuance and sale of 3,012,049 pre-funded warrants and preferred investment options to purchase up to an aggregate of 3,012,049 common shares, at a purchase price of $0.83 per pre-funded and associated preferred investment option in a private placement priced at-the-market under Nasdaq rules (the \"private placement\").\nPursuant to a previously announced definitive agreement with respect to certain of its outstanding preferred investment options issued in November 2022 and exercisable for 3,272,733 common shares, in the aggregate, the holders of such outstanding preferred investment options have exercised such preferred investment options for cash at a reduced exercise price of $0.83 per share, in exchange for unregistered new preferred investment options to purchase up to 6,545,466 common shares (the \"preferred investment option exercise\" and, collectively with the private placement, the \"offerings\"). The common shares issuable upon exercise of the preferred investment options are registered pursuant to effective registration statement on Form S-1 (File No. 333-268700) filed with the U.S. Securities Exchange (\"SEC\") on December 7, 2022 and declared effective on December 14, 2022. The new preferred investment options issued in the offerings are exercisable immediately at an exercise price of $0.83 per share and expire five and one-half years from the date of issuance.\nH.C. Wainwright & Co. acted as the exclusive placement agent for the offerings.\nThe aggregate gross proceeds to the Company from the offerings were approximately $5.2 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the offerings to continue pipeline development of its pharmaceutical drug candidates, support commercial sales of rare cannabinoids through its subsidiary BayMedica LLC, and for general working capital purposes.\nThe securities sold in the private placement and the new preferred investment options sold in the preferred inve...