/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, June 21, 2018 /CNW/ - InMed Pharmaceuticals
Inc. ("InMed" or the "Company") (TSX:IN; OTCQX:IMLFF), a fully
integrated, cannabinoid-based biopharmaceutical company that
leverages its proprietary biosynthesis platform technology to
develop novel therapeutics for the treatment of diseases with high
unmet medical needs, today announced that it has closed the "bought
deal" financing (the "Financing") originally announced on
June 12, 2018, and that the
over-allotment option of the underwriter, Eight Capital, has been
exercised in full. The total gross proceeds raised by the
Company in the Financing were C$14.95
million.
InMed's President and Chief Executive Officer, Eric A. Adams, commented, "This financing is
expected to fund our most advanced and highest-value programs,
specifically our proprietary biosynthesis manufacturing technology
and the development of INM-750 for the treatment of Epidermolysis
Bullosa." Mr. Adams continued, "We are confident that the
ongoing development of our various programs will lead to the
achievement of significant value inflection milestones for the
Company. Together with our cash on hand of C$13.88 million as of March 31, 2018, InMed is now well funded for in
excess of two years, after factoring in an anticipated significant
increase in research and development expenditures."
Due to high investor demand, the Financing was up-sized from its
original amount of C$10 million to
C$13 million, and the 15%
over-allotment option was exercised in full, bringing the total
gross proceeds of the Financing to C$14.95
million.
Under the terms of the Financing, the Company issued a total of
16,611,244 units (the "Units") at a price per Unit of C$0.90, inclusive of the Units offered in the
over-allotment. The Units were offered and issued pursuant to
the filing of a prospectus supplement to the Company's short form
base shelf prospectus dated September 11,
2017 (together, the "Prospectus"), filed in the provinces of
British Columbia, Alberta and Ontario. Each Unit consists
of one common share of the Company (a "Share") and one common share
purchase warrant (a "Warrant"). Each Warrant entitles the
holder thereof to acquire one additional Share at a price of
C$1.25 for a period of 24 months
following the closing date, or June 21,
2020.
The Warrants will be listed on the Toronto Stock Exchange under
the symbol "IN.WT" and will commence trading today.
In addition, the Company granted the underwriter 1,106,397
broker warrants, each of which entitles the underwriter to acquire
one Share at a price of C$1.05 for a
period until June 21, 2020.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein in the United States.
The securities described herein have not been registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may not be
offered or sold in the "United
States", as such term is defined in Regulation S promulgated
under the U.S. Securities Act, unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration requirements is available.
About InMed:
InMed is a pre-clinical stage
biopharmaceutical company that specializes in developing novel
therapies through the research and development into the extensive
pharmacology of cannabinoids coupled with innovative drug delivery
systems. InMed's proprietary bioinformatics database
drug/disease targeting tool, cannabinoid biosynthesis technology
and drug development pipeline are the fundamental value drivers of
the Company. For more information, visit www.inmedpharma.com.
About INM-750. INM-750 is a proprietary, topical
cannabinoid product candidate targeted as a therapy in
epidermolysis bullosa (EB) and other potential dermatological and
wound-healing applications. It has been specifically designed with
the intent to: (i) modify the underlying cause of the disease in
certain patients with EB Simplex (EBS, the most common form of EB),
and (ii) to treat the major symptoms of the disease in all patients
with EB. Preclinical data generated previously demonstrates that
INM-750 may have a significant impact on certain symptoms of EB
(which may include improvement of wound area to promote healing,
reduction in pain, itch and inflammation, and providing
antimicrobial activity). These disease hallmarks are key
therapeutic targets for the effective treatment of EB as well as
several other dermatological conditions. Additionally, our data
indicate that INM-750 may have an impact on the underlying disease
by increasing the production of certain proteins, called keratins,
in the skin.
About Epidermolysis Bullosa (EB). EB is a group of
rare diseases that cause fragile, blistering skin. The
blisters may appear in response to minor injury, even from heat,
rubbing, scratching or adhesive tape. In severe cases, the
blisters may occur inside the body, such as the lining of the mouth
or the stomach. Most types of epidermolysis bullosa are
inherited. The condition usually presents in infancy or early
childhood. Epidermolysis bullosa has no cure.
About INM-085. InMed is developing a
stimulus-responsive, nanoparticle-laden vehicle for controlled
delivery of ophthalmic drugs into the aqueous humor of the eye. The
first application of this delivery vehicle will be for INM-085 as a
cannabinoid-based topical therapy targeting reduction of the
intraocular pressure associated with glaucoma as well as being
designed to serve as a neuro-protectant to the retinal ganglion
cells. INM-085 is intended for application as a once-per-day eye
drop administered immediately prior to the patient's bedtime,
intending to assist in reducing non-adherence with current glaucoma
therapies. Additionally, this novel, proprietary delivery system
for ocular drugs may also play an important role in enabling other
companies' proprietary ocular drug candidates or re-invigorating
the commercial potential of off-patent products that would benefit
from a once-a-day dosing regimen.
About Glaucoma. Glaucoma is a group of eye
conditions that damage the optic nerve, which is vital to good
vision. This damage is often caused by an abnormally high
pressure in your eye. It is the second leading cause of
blindness worldwide. It can occur at any age but is more
common in older adults. The most common form of glaucoma has
no warning signs. The effect is so gradual that you may not
notice a change in vision until the condition is at an advanced
stage. Vision loss due to glaucoma can't be recovered.
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 net proceeds from the
Financing; achievement of drug development milestones; being well
funded for in excess of two years; an anticipated significant
increase in research and development expenditures going forward;
INM-750's potential impact on EB and other conditions; developing a
stimulus-responsive, nanoparticle-laden vehicle for controlled
delivery of ophthalmic drugs into the aqueous humor of the eye; the
potential of INM-085 to treat glaucoma; the potential applications
of our proprietary delivery system for other ocular drugs; and the
expected fundamental value drivers of the Company.
With respect to the forward-looking information contained in
this news release, InMed has made numerous assumptions regarding,
among other things: continued and timely positive preclinical and
clinical efficacy data; the speed of regulatory approvals; 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: InMed may not use net proceeds received from the
Financing as currently contemplated; preclinical and clinical
testing may not produce the desired results on a timely basis, or
at all; regulatory applications may not be approved on a timely
basis, or at all; economic or market conditions may worsen; and
InMed's proprietary bioinformatics database drug/disease targeting
tool, cannabinoid biosynthesis technology and drug development
pipeline may not deliver the expected level of results nor become
the fundamental value drivers of the Company. 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. In addition, readers should
review the disclosure under the heading "Risk Factors" in the
Prospectus.
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein in the United States. The
securities described herein have not been registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities law and may not be
offered or sold in the "United
States", as such term is defined in Regulation S promulgated
under the U.S. Securities Act, unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration requirements is available.
NEITHER THE TORONTO
STOCK EXCHANGE NOR ITS REGULATIONS
SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE InMed Pharmaceuticals Inc.