InMed Raises $5.75 Million Through Underwritten Financing Including Full Exercise of the Over-Allotment Option



VANCOUVER, May 31, 2017 /CNW/ - InMed Pharmaceuticals, Inc. ("InMed" or the "Company") (CSE: IN; OTCQB: IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, is pleased to announce the closing today of its previously announced public offering (the "Offering"). Pursuant to the Offering, the Company issued 12,788,000 units (the "Units") at a price of $0.45 per Unit, for aggregate gross proceeds to InMed of $5,754,600. 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 United States (collectively, the "Underwriters"). The 12,788,000 Units issued include 1,668,000 Units issued and sold pursuant to the over-allotment option granted by the Company to the Underwriters, which was exercised in full.

Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant has an exercise price of $0.65 per common share and is exercisable for a period of 24 months following the closing date for the Offering. The Warrants are only exercisable on a net cashless basis based on the five-day volume-weighted average trading price of the common shares of the Company on the Canadian Securities Exchange ending on the date immediately preceding the date of exercise.

In addition, InMed issued to the Underwriters a total of 535,620 non-transferable broker warrants (the "Broker Warrants") in connection with the closing of the Offering. Each Broker Warrant entitles the holder to acquire a common share of the Company at an exercise price of $0.45 per common share for a period of 12 months following the closing date for the Offering.

InMed intends to use the net proceeds from the Offering for the following purposes: to support the continued research and development of INM-750 for the treatment of Epidermolysis Bullosa; to further develop the Company's other research and development programs including its biosynthesis assets; for general and administrative expenses of the Company; and to fund working capital.

The Units were offered by way of a short form prospectus of the Company dated May 24, 2017 (the "Final Prospectus") in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba and Ontario, and in the United States by way of private placement to qualified institutional investors. For further details with respect to the Offering, please see the Final Prospectus, a copy of which is available for review under the Company's profile on SEDAR at

This news release shall not constitute an offer to sell or a solicitation of any offer to buy any of the securities being offered nor shall there be any sale of any of the securities being offered in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.

About InMed

InMed is a preclinical stage biopharmaceutical company specializing in the research and development of novel, cannabinoid-based prescription drug therapies utilizing novel drug delivery systems. InMed conducts research, discovery, preclinical, clinical, regulatory, manufacturing and commercial development activities for its product candidates. InMed's proprietary bioinformatics database assessment tool, the biosynthesis manufacturing process and its drug development programs are the fundamental value drivers of the Company. For more information, visit

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws.  Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  Forward-looking information in this news release includes statements about: the use of net proceeds from the Offering and the expected fundamental value drivers of the Company.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: demand for InMed's products; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.  Known risk factors include, among others: InMed may not use net proceeds received from the Offering as currently contemplated and InMed's proprietary platform technology, product pipeline and drug development programs may not return their expected level of value.

A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at In addition, readers should review the disclosure under the heading "Risk Factors" in the Final Prospectus, once filed. All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.


SOURCE InMed Pharmaceuticals Inc.

For further information: InMed Pharmaceuticals Inc., Chris Bogart, SVP, Investor Relations and Corporate Strategy, T: 604.669.7207, E: