VANCOUVER, British Columbia, September 9, 2022 (GLOBE NEWSWIRE) — InMed Pharmaceuticals Inc. (“InMed” or the “company“) INM, a leader in the research, development and manufacture of rare cannabinoids, announced today that it has entered into a securities purchase agreement with two healthcare-focused institutional investors for the issuance and sale of 691,245 of its common shares at a purchase price of $8.68 per share an interest (or, alternatively, a pre-funded warrant) in a private placement at a market price in accordance with Nasdaq rules. In addition, the Company has agreed to issue unregistered preferred investment options (the “Investment Options”) to investors in the Offering to purchase up to an aggregate of 1,382,490 common shares. Total gross proceeds to the Company from the private placement are expected to be approximately $6 million. The offering is expected to close on or about September 13, 2022, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering to continue pipeline development of its pharmaceutical drug candidates, advance cannabinoid and cannabinoid analog manufacturing know-how, support intellectual property development and other commercial activities, and for general working capital purposes use.
HC Wainwright & Co. is acting as the exclusive placement agent for the offering.
The unregistered investment options to be issued under the offering are exercisable immediately upon issuance at an exercise price of $8.44 per share and will expire seven years from the date of issuance.
In addition, an investor in the private placement agreed to cancel preferred investment options to purchase an aggregate of up to 412,331 common shares of the Company previously issued to the investor.
The unregistered common shares, prefunded warrants and investment options sold in the offering described above were sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of…
