InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, has entered into a securities purchase agreement with two healthcare-focused institutional investors. The agreement outlines plans for the issuance and sale of 1,818,185 of INM common shares; the shares will be issued at a purchase price of $3.30 per share or prefunded warrant. In addition, the agreement notes that INM will issue unregistered preferred investment options to the same investors; those options include purchasing up to 3,272,733 additional common shares. According to the announcement, the company anticipates the private placement, which is expected to close on or about Nov. 21, 2022, could total approximately $6 million in gross proceeds. INM plans to use the funds to support the development of its pharmaceutical drug candidate as well as advance manufacturing know-how of cannabinoids and cannabinoid analogs and strengthen intellectual property development; the funding may also be used to assist with other commercial activities and general working capital purposes. H.C. Wainwright & Co. is the exclusive placement agent for the offering.
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a global leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, please visit www.InMedPharma.com.
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