VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ - InMed
Pharmaceuticals Inc. ("InMed" or the "Company") (NASDAQ: INM)
(TSX: IN), a clinical-stage pharmaceutical company developing
medications targeting diseases with high unmet medical need and
leading the clinical development of cannabinol ("CBN"), today
announced that it has priced a public offering of an aggregate of
1,780,000 common shares, together with accompanying warrants to
purchase up to an aggregate of 1,780,000 common shares, at a public
offering price of US$4.50 per share
and accompanying warrant. Each common share will be sold in the
offering with one warrant to purchase one common share. The
warrants have an exercise price of US$5.11 per share, are immediately exercisable
upon issuance, and expire six years following the date of issuance.
The underwriters have also been granted an option to purchase an
additional 267,000 common shares and additional warrants to
purchase up to an aggregate of 267,000 common shares for a period
of 45 days.
InMed's common shares commence trading on the Nasdaq
Capital Market (Nasdaq) effective today under the symbol "INM".
The offering is expected to close on November 16, 2020, subject to customary closing
conditions.
Roth Capital Partners is acting as sole book-running manager for
the offering and Brookline Capital Markets, a division of Arcadia
Securities, LLC, is acting as co-manager.
InMed anticipates its gross proceeds from the offering, before
deducting underwriting discounts and commissions and other offering
expenses, to be approximately US$8
million, excluding any exercise of the underwriters' option
to purchase additional securities.
InMed intends to use the net proceeds from the offering,
together with its existing cash resources, for general corporate
purposes, which may include funding preclinical and clinical
development of its cannabinoid drug candidates INM-755
(dermatology) and INM-088 (ocular diseases), advancing its
IntegraSynTM manufacturing platform, and for working
capital purposes.
The securities described above are being offered by InMed
pursuant to a registration statement on Form S-1 (File No.
333-239319) previously filed with and declared effective by the
U.S. Securities and Exchange Commission ("SEC") on November 12, 2020. The offering is being made
only by means of a prospectus forming part of the effective
registration statement. A preliminary prospectus relating to the
offering has been filed with the SEC. Electronic copies of the
preliminary prospectus and, when available, electronic copies of
the final prospectus relating to the offering may be obtained for
free by visiting the SEC's website at www.sec.gov or from Roth
Capital Partners, 888 San Clemente, Newport Beach, CA 92660, Attn: Prospectus
Department, telephone: 800-678-9147.
No securities are being offered or sold, directly or indirectly,
in Canada or to any resident of
Canada.
This press release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of these securities in any state or other
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 other jurisdiction. Any offer,
if at all, will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.
About InMed: InMed Pharmaceuticals is a clinical-stage
pharmaceutical company developing a pipeline of cannabinoid-based
medications, initially focused on the therapeutic benefits of
cannabinol ("CBN") in diseases with high unmet medical need. The
Company is dedicated to delivering new therapeutic alternatives to
patients that may benefit from cannabinoid-based medicines. For
more information, visit www.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, but is
not limited to, statements about: developing a pipeline of
cannabinoid-based medications, initially focused on the therapeutic
benefits of CBN in diseases with high unmet medical need;
delivering new therapeutic alternatives to patients that may
benefit from cannabinoid-based medicines; and the intended use of
the net proceeds from the offering.
With respect to the forward-looking information contained in
this news release, InMed has made numerous assumptions regarding,
among other things: the ability of INM-755 to meet its specified
goals; the ability to obtain adequate supplies and test subjects;
the continued availability of development collaborators; continued
and timely positive preclinical and clinical efficacy data; the
speed of regulatory approvals; the effectiveness of patent
protection; demand for InMed's products; 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. Known risk factors include, among
others: the outbreak and impact of COVID-19 may worsen, or at all;
INM-755 may not produce the desired effects; InMed's supply chain
may become disrupted; InMed's development collaborators may become
unavailable; InMed may not be able to advance its other product
candidates on a timely basis, or at all; regulatory filings may not
be filed or approved on a timely basis, or at all; clinical trials
may not proceed as anticipated; economic or market conditions may
worsen; InMed's may not be able to successfully access the capital
required to fully develop its programs; and InMed may not be able
to provide new therapeutic alternatives that benefit patients via
cannabinoid-based medicines. A more complete discussion of the
risks and uncertainties facing InMed is disclosed in InMed's most
recent Annual Information Form and other continuous disclosure
filed with Canadian securities regulatory authorities on SEDAR at
www.sedar.com.
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.
NEITHER THE TORONTO
STOCK EXCHANGE NOR ITS REGULATIONS
SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE InMed Pharmaceuticals Inc.