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InMed Pharmaceuticals, a clinical-stage pharmaceutical company, has successfully closed a private placement raising approximately US$4.0 million. A total of 1,050,000 units were sold at US$4.25 per unit, each unit comprising one common share and 0.66 of a warrant. The warrants have an exercise price of US$4.85 and are exercisable six months post-issuance. InMed will use the proceeds for working capital. The securities issued will not be registered under the Securities Act, and InMed is set to file a registration statement with the SEC within 30 days.
InMed Pharmaceuticals reported its second quarter fiscal 2021 financial results, ending December 31, 2020. The company achieved critical milestones in its drug development, particularly for INM-755 aimed at Epidermolysis Bullosa, with upcoming Phase 2 trials planned. It secured a worldwide license for ocular drug delivery technology, MiDROPS®, enhancing its research pipeline. Financially, InMed raised about $12.5 million through recent offerings and recorded a net loss of $2.2 million in Q2 2021, an improvement from $2.5 million in Q2 2020.
InMed Pharmaceuticals Inc. (NASDAQ: INM), a clinical-stage pharmaceutical company, is set to report its financial results for Q2 of fiscal year 2021 on February 11, 2021. The company focuses on developing cannabinoid-based medications, specifically cannabinol (CBN) for diseases with high unmet medical needs. A conference call and webcast will take place on the same day at 8:30 AM PT with details available on their website. InMed emphasizes its commitment to delivering therapeutic alternatives while navigating the uncertainties inherent in clinical development.
InMed Pharmaceuticals Inc. announced a private placement to raise approximately US$4.5 million at US$4.25 per unit, with each unit consisting of one common share and 0.66 warrant. The exercise price for the warrants is set at US$4.85, with an expected close date of February 12, 2021. After fees, net proceeds are anticipated to be around US$4.0 million for working capital. Roth Capital Partners acted as the exclusive placement agent. The announcement includes forward-looking statements regarding regulatory approvals and the potential success of its cannabinoid-based therapies.
