NetworkNewsBreaks – InMed Pharmaceuticals Inc. (
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Posted On: 10/27/2023 5:48:52 PM
NetworkNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Secures $5.2M in Private Placement and Preferred Investment Option Offerings
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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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.
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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