Preclinical stage biopharmaceutical company InMed Pharmaceuticals, Inc. (CSE: IN) (OTCQB: IMLFF) this morning announced that it has closed its previously detailed non-brokered private placement for gross proceeds of C$9.4 million through the issuance of 13.4 million units, following terms previously announced on December 18, 2017. The original offering generated anticipated gross proceeds of C$2.5 million. “The Company welcomes such a positive response from the investment community,” Eric A. Adams, president and CEO of InMed, stated in the news release. “We are very pleased to be in a position to close the financing, on an oversubscribed basis, so quickly. With this financing, InMed is well positioned with a strong balance sheet to continue to execute on corporate objectives. We have significantly extended the cash runway for our lead programs, INM-750 for EB and biosynthesis, and will be able to make significant advancements for both INM-085 for glaucoma and INM-405 for pain.” In addition to using proceeds from this placement for general working capital and corporate purposes, InMed indicated that it intends to seek a listing of its common shares on the Toronto Stock Exchange.
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InMed is a preclinical stage biopharmaceutical company specializing in the research and development of novel, cannabinoid-based prescription drug therapies utilizing novel drug delivery systems. InMed conducts research, discovery, preclinical, clinical, regulatory, manufacturing and commercial development activities for its product candidates. InMed’s proprietary bioinformatics database assessment tool, the biosynthesis manufacturing process and its drug development programs are the fundamental value drivers of the Company. For more information, visit www.InMedPharma.com
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