Full Press Release Details
InMed Pharmaceuticals Announces Closing of $5 Million
Registered Direct and Private Placement Offerings Priced At-The-Market Under Nasdaq Rules
June 06, 2022 - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (Nasdaq: INM),
a leader in the research, development, manufacturing and commercialization of rare cannabinoids, today announced the closing of its previously
announced registered direct offering and concurrent private placement with a single healthcare-focused institutional investor priced at-the-market
under Nasdaq rules. The Company issued 4,079,256 of its common shares at a purchase price of $0.858 per share (or pre-funded warrant in
lieu thereof) in the registered direct offering. In the concurrent private placement, InMed has also issued and sold to the investor 1,748,250
common shares (or pre-funded warrant in lieu thereto) at the same purchase price as in the registered direct offering. In addition, the
Company issued to the investor in the offerings unregistered preferred investment options (the "investment options") to purchase
up to an aggregate of 5,827,506 common shares. The aggregate gross proceeds to the Company of both offerings were approximately $5 million.
The Company intends to use the net proceeds from the offerings to continue pipeline development, advance commercial activities and for
general working capital purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent for the
The unregistered investment options issued in the
offerings are exercisable immediately upon issuance at an exercise price of $0.74 per share and will expire six and one-half years from
the date of issuance.
The Company also amended certain existing warrants
to purchase up to an aggregate of 4,480,771 common shares of the Company that were previously issued to the investor, with exercise prices
ranging from $2.848 to $5.11 per share and expiration dates ranging from July 2, 2026 to November 16, 2026, effective upon the closing
of the registered direct offering so that the amended warrants have a reduced exercise price of $0.74 per share, are not exercisable until
six months following the closing of the registered direct offering and expire seven years following the closing of the registered direct
The common shares, pre-funded warrants and common
shares underlying the pre-funded warrants (but excluding the common shares and pre-funded warrants sold in the private placement and the
investment options and the common shares underlying the investment options sold in the offerings) were offered and sold by InMed pursuant
to a "shelf" registration statement on Form S-3 (333-262532), including a base prospectus, previously filed with the Securities
and Exchange Commission ("SEC") on February 4, 2022 and declared effective by the SEC on February 11, 2022. The offering of
the common shares and the pre-funded warrants issued in the registered direct offering were made only by means of a prospectus supplement
that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered
direct offering was filed with the SEC and is available at the SEC's website located at http://www.sec.gov. Electronic copies of
the prospectus supplement and the accompanying base prospectus may also be obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue,
3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The unregistered common shares, pre-funded warrants
and investment options sold in the offerings described above were offered in a private placement under Section 4(a)(2) of the Securities
Act of 1933, as amended (the "Act") and Regulation D promulgated thereunder and, along with the common shares underlying the
pre-funded warrants and investment options, have not been registered under the Act or applicable state securities laws. Accordingly, the
common shares, the pre-funded warrants, the investment options and the common shares underlying the pre-funded warrants and investment
options may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration
requirements. The securities were offered only to an accredited investor. Pursuant to a registration rights agreement with the investor,
the Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered common shares
and the shares issuable upon exercise of the unregistered pre-funded warrants and investment options.
This press release shall 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 state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction.
About InMed: InMed Pharmaceuticals
is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids. Together with its subsidiary
BayMedica LLC, the Company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including
pharmaceutical and health and wellness. InMed is also a clinical-stage company developing a pipeline of rare cannabinoid therapeutics
and dedicated to delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. For more
information, visit www.inmedpharma.com and www.baymedica.com.
Vice President, Investor Relations
and Corporate Communications
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 of the offerings; the filing of a registration statement by
InMed with the SEC covering the resale of the unregistered common shares and the shares issuable upon exercise of the unregistered pre-funded
warrants and investment options; being a global leader in the research, development, manufacturing and development of rare cannabinoids;
and delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs.
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; 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.
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. A complete discussion
of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K and
other filings with the Security and Exchange Commission on www.sec.gov.
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.