InMed Pharmaceuticals Inc INM shares are trading higher Monday after the company on Friday announced a $6 million private placement priced at $8.68 per share.
InMed has entered into a securities purchase agreement with two healthcare-focused institutional investors for the issuance and sale of 691,245 of its common shares.
The offering is expected to close on Tuesday. 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 and support intellectual property development and other commercial activities, as well as for general working capital purposes.
InMed focuses on researching, developing and manufacturing rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs.
INM Price Action: InMed has a 52-week high of $35.71 and a 52-week low of $5.82.
The stock was up 6.53% at $11.74 at time of publication.
Photo: Konstantin Kolosov from Pixabay.
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