aibioInMed Pharmaceuticals agrees to sell shares at $2.561 in $5 million private placement
Tickers INM
A single institutional investor is buying 1,952,363 shares or pre-funded warrants plus options on the same number of shares. H.C. Wainwright is placement agent.
Key facts
- Company
- InMed Pharmaceuticals Inc. (NASDAQ: INM)
- News type
- Financings
- Primary source
- InMed Pharmaceuticals Inc. 8-K (2025-06-30)
InMed Pharmaceuticals Inc. has agreed to sell 1,952,363 common shares, or pre-funded warrants in lieu of them, to a single institutional investor in a private placement expected to raise approximately $5 million in gross proceeds, the company said on June 25, 2025 in a press release filed with the SEC.
The purchase price is $2.561 per share. The company said the deal is priced at-the-market under Nasdaq rules.
The investor also receives short-term preferred investment options, a form of warrant, to buy up to 1,952,363 more common shares at an exercise price of $2.436 per share. They can be exercised immediately and expire eighteen months after a resale registration statement takes effect. If they are fully exercised for cash, InMed would receive approximately $4.75 million more. The company said there is no assurance they will be exercised.
InMed also agreed to amend existing preferred investment options for up to 199,115 common shares issued in October 2023. Their exercise price falls from $16.60 per share to $2.436 per share, in exchange for $0.125 per amended option.
H.C. Wainwright & Co. is the exclusive placement agent. The shares were sold without SEC registration under Section 4(a)(2) and Regulation D, and InMed agreed to file a registration statement covering their resale. The Vancouver company plans to use net proceeds for drug development, rare cannabinoid sales through its BayMedica LLC subsidiary and working capital.