InMed Pharmaceuticals (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”), announced that it has completed a $4.5 million private investment in a public equity (“PIPE”) transaction. According to the terms of the private placement, 1,050,000 units were purchased, with each unit consisting of one common share and 0.66 of a warrant to purchase an addition common share; each unit was purchased at a placement price of $4.25, with the warrants available at an exercise price of $4.85. The terms note that the warrants, which will be exercisable six months after being issued, will have a term of five and one-half years. InMed announced that it plans to use the proceeds from the just-completed offering for working capital purposes. Roth Capital Partners acted as the sole placement agent for the offering.
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About InMed Pharmaceuticals Inc.
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 who may benefit from cannabinoid-based medicines. For more information, please visit www.InMedPharma.com.
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