InMed Pharmaceuticals Inc. closed its underwritten public offering of 12,788,000 units at 45 Canadian cents apiece for gross proceeds of about C$5.8 million.
The units sold include the full exercise of the underwriters' option to buy up to an additional 1,668,000 units.
Each unit comprised 1 InMed common share and 0.5 common share purchase warrant. Each warrant is exercisable for 65 cents within two years after the offering's closing.
InMed also issued 535,620 nontransferable broker warrants to the underwriters. Each broker warrant allows the holder to buy 1 InMed common share for 45 cents within a year after closing.
The company plans to use net proceeds to support the continued research and development of INM-750 to treat epidermolysis bullosa and to further develop its other research and development programs, including its biosynthesis assets. A portion of the proceeds will also be used for general and administrative expenses and for working capital.
The offering was completed with a syndicate of underwriters led by Canaccord Genuity Corp. and including Eight Capital along with Roth Capital Partners LLC serving as placement agent for sales of units in the U.S.