INMED PHARMACEUTIC COM NPV (OTCMKTS:IMLFF)
INMED PHARMACEUTIC COM NPV (OTCMKTS:IMLFF), a biopharmaceutical company engaged in research and development of cannabinoid-based drug has announced filing a preliminary short form prospectus with securities regulatory agencies in the provinces of Ontario, Alberta, and British Columbia in connection to the company’s public offering .
The offering will be done on an underwritten basis under the leadership of Canaccord Genuity Corp. Roth Capital Partners, LLC has been appointed to act as the placement manager for sales of common shares in the United States.
INMED PHARMACEUTIC has agreed to grant an over-allotment option to the Underwriters which will be exercisable in part or whole for a 30-day period from the closing date. The offering will close in May 17, 2017 and will be subject to Underwriters and the Company signing an underwriting agreement as well as the company securing all required regulatory approvals including the Canadian Securities Exchange approval.
The proceeds from the offering will be used to support the ongoing development of INM-750 for Epidermolysis Bullosa treatment. The proceeds will also go towards funding the company’s other research programs as well as the company’s general expenses.
INMED PHARMACEUTIC has announced that its shareholders have approved a number things – among them a new option plan for its stock dubbed the “2017 Option Plan” as well as an amendment and restatement of corporate Articles. These changes were made in a special shareholders’ meeting held recently.
Additionally, the company’s shareholders ratified changes in the authorized share structure of the company to do away with Class A and B Preference shares. The company will instead create preferred shares minus par value. The terms of the newly set up 2017 Option Plan, the changes to the authorized share structure of the company as well as the New Articles have been summarized in the February 22, 2017 management information circular of the company. A copy of the same has been filed at SEDAR. The company will file the New Articles with the Canadian Securities Exchange as well as SEDAR.
In addition to filing the new changes, the company also filed a results report from a voting exercise on all the resolutions that were voted for during the special meeting.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.