InMed Pharmaceuticals Announces $12 Million Private Placement Priced At-the-Market under Nasdaq Rules
June 29 2021 - 7:00AM
InMed Pharmaceuticals Inc. (“InMed” or the
“Company”) (Nasdaq: INM), a clinical-stage company developing
cannabinoid-based pharmaceutical drug candidates as well as
manufacturing technologies for pharmaceutical-grade rare
cannabinoids, today announced that it has entered into a securities
purchase agreement with an institutional investor to raise
approximately US$12.0 million through the issuance of an aggregate
of 4,036,327 common shares (or common share equivalents in lieu
thereof) and warrants to purchase up to an aggregate of 4,036,327
common shares, at an effective purchase price of US$2.973 per
common share (or common stock equivalent in lieu thereof) and
associated warrant in a private placement priced at-the-market
under Nasdaq rules. The closing of the private placement is
expected to occur on or about July 2, 2021, subject to satisfaction
of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The warrants have an exercise price of US$2.848
per share, are exercisable immediately and have a term of five
years.
The Company currently intends to use the net
proceeds from the offering to continue pipeline development,
advance business development activities and for general working
capital purposes.
The offer and sale of the foregoing securities
are being made in a transaction not involving a public offering and
have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or applicable state securities
laws. Accordingly, the securities may not be reoffered or resold in
the United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
Under an agreement with the investors, the
Company is required to file a registration statement with the
Securities and Exchange Commission covering the resale of the
common shares to be issued to the investor within ten business days
and have the registration statement declared effective as promptly
as practical thereafter, and in any event no later than 80 days
after today in the event of a “full review” by the Securities and
Exchange Commission.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such
state.
About InMed: InMed
Pharmaceuticals is a clinical-stage company developing a pipeline
of cannabinoid-based pharmaceutical drug candidates, initially
focused on the therapeutic benefits of cannabinol (“CBN”), and is
developing IntegraSyn™ to produce pharmaceutical-grade
cannabinoids. The Company is dedicated to delivering new
therapeutic alternatives to patients that may benefit from
cannabinoid-based pharmaceutical drugs. For more information,
visit www.inmedpharma.com.
Investor Contact: Colin ClancySenior Director,
Investor RelationsT: +1 604 416 0999E: cclancy@inmedpharma.com
Edison Group:Joe Green/Laine
YonkerT: +1.646.653.7030/+1.646.653.7035E:
jgreen@edisongroup.com / lyonker@edisongroup.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 closing of the private placement
offering; the use of the net proceeds of the private placement
offering; the filing of a registration statement by InMed with the
Securities and Exchange Commission within ten business days, or at
all; and plans with respect to use of the net proceeds of the
private placement offering.
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; the closing of
the offering on a timely basis on the terms described herein, 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. Known risk factors
include, among others: regulatory filings may not be filed or
approved on a timely basis, or at all; InMed's securities issuable
in connection with the offering may not be accepted for
registration by the Securities and Exchange Commission on a timely
basis, or at all; InMed may not be able to advance its other
product candidates on a timely basis, or at all; economic or market
conditions may worsen; InMed's cannabinoid manufacturing process
and drug development programs may not deliver the expected level of
results; 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 filings with the Security and
Exchange Commission and the most recent Annual Information Form
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.
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