Business
InMed Pharmaceuticals Announces the Closing of US$8 Million Public Offering
VANCOUVER, BC, Nov. 16, 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. 16, 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 closed the previously announced public offering of common shares, together with accompanying warrants.\n\n \n \n \n \n \n \n\n \nUnder the terms of the public offering, an aggregate of 1,780,000 common shares, together with accompanying warrants, were purchased at a public offering price of US$4.50 per share and accompanying warrant. Each common share was 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. \nThe 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.\nRoth Capital Partners acted as sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-manager.\nGross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, is estimated to be approximately US$8 million, excluding the 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 were 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 was made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to the offering was filed with the SEC. Electronic copies of the preliminary prospec...