InMed Pharmaceuticals Announces $5.2M Private Placement And Preferred Investment Option Exercise Priced At-The-Market under Nasdaq Rules
Portfolio Pulse from Happy Mohamed
InMed Pharmaceuticals Inc. (NASDAQ:INM) has announced a private placement and preferred investment option exercise priced at-the-market under Nasdaq rules. The company will issue and sell 3,012,049 of its common shares and preferred investment options to purchase up to an aggregate of 3,012,049 common shares, at a purchase price of $0.83 per share. The aggregate gross proceeds from the offerings are expected to be approximately $5.2 million. The company intends to use the net proceeds for pipeline development of its pharmaceutical drug candidates, support commercial sales of rare cannabinoids through its subsidiary BayMedica LLC, and for general working capital purposes.
October 24, 2023 | 8:44 pm
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InMed Pharmaceuticals is raising $5.2 million through a private placement and preferred investment option exercise. The funds will be used for pipeline development, supporting commercial sales, and general working capital.
The news of the private placement and preferred investment option exercise is directly related to InMed Pharmaceuticals and is likely to have a positive impact on the company's stock in the short term. The funds raised will be used for pipeline development, supporting commercial sales, and general working capital, which are all positive for the company's growth and operations.
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