InMed Pharmaceuticals, Inc. (CSE:IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, has closed its previously announced non-brokered private placement for gross proceeds of C$9.4 Million through the issuance of 13,428,571 units, with terms as previously announced on December 18, 2017. The original offering anticipated gross proceeds of C$2.5 Million.
"The Company welcomes such a positive response from the investment community," stated Eric A. Adams, President & CEO, "We are very pleased to be in a position to close the financing, on an oversubscribed basis, so quickly. With this financing, InMed is well positioned with a strong balance sheet to continue to execute on corporate objectives. We have significantly extended the cash runway for our lead programs, INM-750 for EB and biosynthesis, and will be able to make significant advancements for both INM-085 for glaucoma and INM-405 for pain." The Company also intends to use the net proceeds from the private placement for general working capital and corporate purposes, and to seek a listing of its common shares on the Toronto Stock Exchange.
Finders' fees on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the financing shall include cash of $397,527 and 446,646 warrants ("Agent Warrants"). Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $1.25 for a period of 18 months expiring on July 3, 2019.
In accordance with applicable securities legislation, securities issued pursuant to the financing are subject to a hold period of four months plus one day from the date of the completion of the financing.
About InMed
InMed is a preclinical stage biopharmaceutical company specializing in the research and development of novel, cannabinoid-based prescription drug therapies utilizing novel drug delivery systems. InMed conducts research, discovery, preclinical, clinical, regulatory, manufacturing and commercial development activities for its product candidates. InMed's bioinformatics platform, its biosynthesis manufacturing process and its drug development programs are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com.
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INMED CLOSES OVER-SUBSCRIBED C$9.4 MILLION FINANCING
