InMed Pharmaceuticals Announces Closing of US$12 Million Private Placement Priced At-the-Market under Nasdaq Rules
July 02 2021 - 4:15PM
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 closed the previously
announced private placement.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the private placement.
Under the terms of the private placement, 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 were purchased, at an effective purchase
price of US$2.973 per common share (or common stock equivalent in
lieu thereof) and associated warrant. The warrants have an exercise
price of US$2.848 per share, are exercisable immediately and have a
term of five years. After deducting the placement agent fees and
estimated offering expenses payable by the Company, the Company
received net proceeds of approximately US$11 million.
InMed intends to use the net proceeds from the
offering to continue pipeline development, advance business
development activities and for general working capital
purposes.
The securities issued in the private placement
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. As part of the transaction, InMed has agreed to
file a registration statement with the Securities and Exchange
Commission within ten business days of the date of the securities
purchase agreement to register the common shares and the common
shares issuable upon exercise of the warrants issued in the private
placement.
No securities were offered or sold, directly or
indirectly, in Canada or to any resident of Canada.
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 jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
jurisdiction.
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:InMed Pharmaceuticals Inc.Colin
Clancy, Senior 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 use of the net proceeds of the
private placement offering; and the filing of a registration
statement by InMed with the Securities and Exchange Commission
within ten business days from the date of the securities purchase
agreement or at all.
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. 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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