InMed Pharmaceuticals Announces Private $ 12 Million Transaction


VANCOUVER, British Columbia, June 29, 2021 (GLOBE NEWSWIRE) – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a clinical-stage company that develops cannabinoid-based drug candidates and technologies for manufacturing rare, pharmaceutical-grade 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 a total of 4,036,327 common shares (or common stock equivalents in lieu thereof) and warrants to purchase up to a total of 4,036,327 common shares, at an effective purchase price of US $ 2.973 per common share (or the common stock equivalent instead) and the associated subscription as part of a private placement at market price according to Nasdaq rules. The private placement is expected to close on or around July 2, 2021, subject to the satisfaction of customary closing conditions.

HC 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 of the offering to further develop the pipeline, advance business development activities and for general working capital purposes.

The offer and sale of the aforementioned securities are made in connection with a transaction not involving a public offer 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 offered or resold in the United States except pursuant to a valid registration statement or an applicable exemption from the registration requirements of the Securities Act and securities laws of the United States. Applicable states.

By agreement with the investors, the Company is required to file a registration statement with the Securities and Exchange Commission covering the resale of the ordinary shares to be issued to the investor within ten business days and to have the declaration of effective registration as quickly as possible. 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, and there will be no sale of any securities in any State in which such an offer, solicitation or sale would be illegal prior to ‘registration or qualification. under the securities laws of that 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 developing IntegraSyn ™ to produce pharmaceutical grade cannabinoids. The Company is dedicated to providing new therapeutic alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit

Investor contact:
Colin Clancy
Senior Director, Investor Relations
T: +1 604 416 0999

Edison Group:
Joe Green / Yonker Wool
T: + 1.646.653.7030 / + 1.646.653.7035
E: /

Caution regarding forward-looking information:

This press 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 forward-looking statements. The forward-looking information contained in this press release includes statements regarding: the closing of the private placement; the use of the net proceeds of the private placement; the filing of a registration statement by InMed with the Securities and Exchange Commission within ten business days, or not at all; and plans for the use of the net proceeds of the private placement.

With respect to the forward-looking information contained in this press release, InMed has made numerous assumptions regarding, among others: the ability to obtain all necessary regulatory approvals on a timely basis, if at all; close of the Offer in a timely manner on the terms described herein, or not at all; and continued economic and market stability. Although InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant commercial, economic, competitive, market and social uncertainties and contingencies.

In addition, there are known and unknown risk factors that could cause InMed’s actual results, performances or achievements to differ materially from future results, performances or achievements expressed or implied by the forward-looking information contained in the this document. Known risk factors include, but are not limited to: regulatory filings may not be filed or approved in a timely manner, if at all; Securities of InMed that may be issued under the Offer may not be accepted for registration by the Securities and Exchange Commission in a timely manner, if at all; InMed may not be able to advance its other product candidates in a timely manner, if at all; economic or market conditions may deteriorate; 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 treatment alternatives that benefit patients via cannabinoid-based drugs. A more complete discussion of the risks and uncertainties facing InMed is disclosed in the documents filed by InMed with the Security and Exchange Commission and in the most recent Annual Information Form filed with the Canadian securities regulators on SEDAR at www.

All forward-looking information contained in this document is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update such forward-looking information or to publicly announce the result of any revision of any of the information. forward-looking statements contained herein. to reflect future results, events or developments, except as required by law.

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