VANCOUVER, BC, Feb. 16, 2021 /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 closed the previously announced private
placement.
Under the terms of the private placement, an aggregate of
1,050,000 units were purchased, each unit comprised of one common
share and 0.66 of a warrant to purchase one common share, at a
placement price of US$4.25 per unit.
The warrants have an exercise price of US$4.85, are exercisable six months following
issuance, and have a term of five and one half years following
issuance. After the placement agent fees and estimated offering
expenses payable by the Company, the Company expects to receive net
proceeds of approximately US$4.0
million.
InMed intends to use the net proceeds from the offering for
working capital purposes.
The securities issued in the private placement have not been
registered under the Securities Act of 1933, as amended, or
applicable under state securities laws. Accordingly, the securities
may not be offered or sold 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 30 days of the closing to register the common
shares and the common shares acquirable 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 these securities, nor shall there
be any sale of these 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 any such
jurisdiction.
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
statements about: the use of the net proceeds; the filing of a
registration statement by InMed with the Securities and Exchange
Commission within 30 days of closing; developing a pipeline of
cannabinoid-based medications, initially focused on the therapeutic
benefits of cannabinol, in diseases with high unmet medical need;
and delivering new therapeutic alternatives to patients that may
benefit from cannabinoid-based medicines.
With respect to the forward-looking information contained in
this news release, InMed has made numerous assumptions. 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 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.
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.