INM - InMed Pharma announces $6M private placement

• InMed Pharma ( NASDAQ: INM ) said it had entered into a securities purchase agreement with two healthcare-focused institutional investors for the sale of 691,245 of its shares at a purchase price of $8.68 per share, in a private placement priced at-the-market under Nasdaq rules.
• The company has agreed to issue to the investors in the offering unregistered preferred investment options to purchase up to an aggregate of 1.38M common shares.
• The gross proceeds from the private placement is expected to be about $6M.
• The Company intends to use the net proceeds to continue pipeline development of its pharmaceutical drug candidates, advance manufacturing know-how of cannabinoids and cannabinoid analogs, support intellectual property development and other commercial activities, and for general working capital purposes.

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