InMed Pharmaceuticals (NASDAQ: INM) is a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs. The company today announced that it has closed its 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. Per 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 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. InMed secured approximately $5.2 million in aggregate gross proceeds, from which it intends to use the net proceeds 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. H.C. Wainwright & Co. acted as the exclusive placement agent for the offerings.
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids, 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, visit www.InMedPharma.com.
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