Canada's InMed Pharmaceuticals Inc. agreed to sell 14,444,560 units at 90 Canadian cents each on a bought deal basis to Eight Capital, an investment firm.
Each unit is made up of a common share and a warrant to buy an additional stock for C$1.25 apiece.
InMed Pharmaceuticals expects to raise about C$13 million from the offering, which will go toward developing its lead drug candidate INM-750 to treat a group of rare skin diseases called epidermolysis bullosa.
Net proceeds will also be used for other research and development programs, general and administrative expenses, and working capital.
Eight Capital can buy up to an additional 2,166,680 additional units worth C$2 million from the biopharmaceutical company.
The offering is expected to close by June 21.
