InMed Pharmaceuticals Inc., a company specializing in the development of small molecule drug candidates for diseases with high unmet medical needs, has announced a $5 million private placement. The company has entered into definitive agreements with a single institutional investor for the issuance and sale of 1,952,363 common shares and short-term preferred investment options to purchase the same number of common shares. These shares are priced at $2.561 each, with the associated options exercisable at $2.436 per share. H.C. Wainwright & Co. served as the exclusive placement agent for this offering. The gross proceeds are expected to be approximately $5 million, with potential additional proceeds of $4.75 million if the options are fully exercised. The company plans to use the funds to advance its pipeline development, support sales through its subsidiary BayMedica LLC, and for general working capital.
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