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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Closes $5M Direct, Private Placement Offerings

InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids, has closed on its registered direct offering and concurrent private placement with a single healthcare-focused institutional investor; the offerings were priced at-the-market under Nasdaq rules. According to the announcement, for the registered direct offering, INM issued 4,079,256 common shares at a purchase price of $0.858 per share (or prefunded warrant in lieu thereof). For the concurrent private placement, InMed issued and sold to the investor 1,748,250 common shares (or prefunded warrant in lieu thereto); those shares were offered at the same purchase price as those associated with the registered direct offering. InMed noted that it also issued unregistered preferred investment options to the investor; those investment options allowed for the purchase of up to 5,827,506 common shares. The announcement also outlined amendments to existing warrants that had been previously issued to the same investor. According to the announcement, the company could see gross proceeds from both offerings reach an estimated $5 million. InMed anticipates using the net proceeds from the offerings to continue pipeline development and advance commercial activities as well for general working capital purposes.

To view the full press release, visit https://cnw.fm/91OXR

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids. Together with its subsidiary BayMedica LLC, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and is dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, please visit www.InMedPharma.com.  

NOTE TO INVESTORS: The latest news and updates relating to INM are available in the company’s newsroom at https://cnw.fm/INM

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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