Impression Healthcare Ltd. is raising A$5 million via a placement to fund its development of cannabinoid products for certain disorders.
The placement was conducted by Peloton Capital — acting as lead manager — at 7.8 Australian cents per share.
Australia-based Impression Healthcare plans to use proceeds to fast track the development of cannabinoid products for traumatic brain injury, sleep apnea and temporomandibular joint disorder. The company is planning early-stage trials for the three programs.
Part of the proceeds will be used to increase wholesale medicinal cannabis product purchases for distribution, to continue the development of its Incannex cannabidiol oils and to fund cannabinoid customer research and acquisition. Funds will also be used to appoint scientific or medical operation staff, to expand its oral devices in Australia and internationally, and to fund general working capital.
Impression Healthcare develops medical cannabis products, and it also manufactures and distributes custom-fit dental products.