InMed Pharmaceuticals Announces Closing of $6 Million Private Placement Priced at a Premium to Market
21 Novembro 2022 - 7:00PM
InMed Pharmaceuticals Inc. (“
InMed” or the
“
Company”) (
Nasdaq: INM), a
leader in the pharmaceutical research, development and
manufacturing of rare cannabinoids and cannabinoid analogs, today
announced the closing of its previously announced private placement
with two healthcare-focused institutional investors for the
issuance and sale of 1,818,185 of its common shares at a purchase
price of $3.30 per share (or pre-funded warrant in lieu thereof)
priced at-the-market under Nasdaq rules. In addition, the Company
has issued to the investors in the offering unregistered preferred
investment options (the “investment options”) to purchase up to an
aggregate of 3,272,733 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 1,382,490 common shares of the
Company which were previously issued to the investors in the
private placement were cancelled.
The unregistered common shares, pre-funded
warrants and investment options sold in the offering described
above were offered in a private placement under Section 4(a)(2) of
the Securities Act of 1933, as amended (the “Act”) and Regulation D
promulgated thereunder and, along with the common shares underlying
the pre-funded warrants and investment options, have not been
registered under the Act or applicable state securities laws.
Accordingly, the common shares, the pre-funded warrants, the
investment options and the common shares underlying the pre-funded
warrants and investment options may not be offered or sold in the
United States absent registration with the Securities and Exchange
Commission (“SEC”) or an applicable exemption from such
registration requirements. The securities were offered only to
accredited investors. Pursuant to a registration rights agreement
with the investors, the Company has agreed to file one or more
registration statements with the SEC covering the resale of the
unregistered common shares and the shares issuable upon exercise of
the unregistered pre-funded warrants and investment options.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About InMed:
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. We also have significant know-how in
developing proprietary manufacturing approaches to produce
cannabinoids for various market sectors. For more information,
visit www.inmedpharma.com and www.baymedica.com.
Investor Contact: Colin ClancyVice President,
Investor RelationsT: +1.604.416.0999E: cclancy@inmedpharma.com
Cautionary Note Regarding Forward-Looking
Information:
This news release contains "forward-looking
information" and "forward-looking statements" (collectively,
"forward-looking information") within the meaning of applicable
securities laws. Forward-looking information is based on
management's current expectations and beliefs and is subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Forward-looking information in this news release
includes statements about: the use of the net proceeds of the
offering; the filing of a registration statement by InMed with the
SEC covering the resale of the unregistered common shares and the
shares issuable upon exercise of the unregistered pre-funded
warrants and investment options; being a global leader in the
research, development, manufacturing and development of rare
cannabinoids; and delivering new treatment alternatives to patients
that may benefit from cannabinoid-based pharmaceutical drugs.
With respect to the forward-looking information
contained in this news release, InMed has made numerous assumptions
regarding, among other things: the ability to obtain all necessary
regulatory approvals on a timely basis, or at all; and continued
economic and market stability. While InMed considers these
assumptions to be reasonable, these assumptions are inherently
subject to significant business, economic, competitive, market and
social uncertainties and contingencies.
Additionally, there are known and unknown risk
factors which could cause InMed's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. A complete discussion
of the risks and uncertainties facing InMed’s business is disclosed
in InMed’s Annual Report on Form 10-K and other filings with the
SEC on www.sec.gov.
All forward-looking information herein is
qualified in its entirety by this cautionary statement, and InMed
disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.
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