InMed Pharmaceuticals Inc. INM closed its private placement with two healthcare-focused institutional investors for the issuance and sale of 1.8 million of its common shares at a purchase price of $3.30 per share priced at-the-market under Nasdaq rules. In addition, the company has issued to the investors in the offering unregistered preferred investment options to purchase up to an aggregate of 3.3 million common shares. The aggregate gross proceeds to the company from the private placement were approximately $6 million. The company intends to use the net proceeds from the offering to continue pipeline development of its pharmaceutical drug candidates, advance manufacturing know-how of cannabinoids and cannabinoid analogs, support intellectual property development and other commercial activities, and for general working capital purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The unregistered investment options issued in the offering are exercisable immediately upon issuance at an exercise price of $3.044 per share and will expire seven years from the date of issuance.
In addition, preferred investment options to purchase up to an aggregate of 1.4 million common shares of the company which were previously issued to the investors in the private placement were cancelled.
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