Full Press Release Details
InMed Pharmaceuticals Announces $12 Million
Priced At-the-Market under Nasdaq Rules
Vancouver, BC - June 29, 2021 - 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 entered into a securities purchase agreement with an institutional investor to raise approximately US$12.0 million through the
issuance of 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, at an effective purchase price of US$2.973 per common share (or common stock equivalent in lieu thereof) and
associated warrant in a private placement priced at-the-market under Nasdaq rules. The closing of the private placement is expected to
occur on or about July 2, 2021, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The warrants have an exercise price of US$2.848
per share, are exercisable immediately and have a term of five years.
The Company currently intends to use the net proceeds
from the offering to continue pipeline development, advance business development activities and for general working capital purposes.
The offer and sale of the foregoing securities
are being made in a transaction not involving a public offering and 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.
Under an agreement with the investors, the Company
is required to file a registration statement with the Securities and Exchange Commission covering the resale of the common shares to be
issued to the investor within ten business days and have the registration statement declared effective as promptly as practical thereafter,
and in any event no later than 80 days after today in the event of a "full review" by the Securities and Exchange Commission.
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 state in which such
offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
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.
Senior Director, Investor Relations
Joe Green/Laine Yonker
T: +1.646.653.7030/+1.646.653.7035
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 closing of the private placement offering; the use of
the net proceeds of the private placement offering; the filing of a registration statement by InMed with the Securities and Exchange Commission
within ten business days or at all; and plans with respect to use of the net proceeds of the private placement offering.
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; the closing of the offering on a timely basis on the terms described herein, 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.