VANCOUVER, British Columbia, June 06, 2022 (GLOBE NEWSWIRE) — InMed Pharmaceuticals Inc. (“InMed“or the”Company”) (Nasdaq: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids, today announced the closing of its previously announced registered direct offering and concurrent private placement with a single focused institutional investor. on health care which is priced in the market according to Nasdaq rules. The Company issued 4,079,256 of its common shares at a purchase price of $0.858 per share (or a pre-funded warrant in lieu thereof) pursuant to the registered direct offer. In connection with the concurrent private placement, InMed also issued and sold to the investor 1,748,250 common shares (or a pre-funded warrant in lieu thereof) at the same purchase price as in the registered direct offering. In addition, the Company has issued to the investor in the Offerings unregistered preferred investment options (the “Investment Options”) to purchase up to an aggregate of 5,827,506 Common Shares. The total gross proceeds to the Company from the two offerings were approximately $5 million. The Company intends to use the net proceeds from the offerings to further develop the pipeline, advance business activities and for general working capital purposes.

HC Wainwright & Co. acted as the exclusive placement agent for the offerings.

The non-registered investment options issued under the Offers are exercisable upon issuance at an exercise price of $0.74 per share and will expire six and a half years from the date of issuance.

The Company also amended certain existing warrants to purchase up to an aggregate of 4,480,771 common shares of the Company which had previously been issued to the investor, with exercise prices ranging from $2.848 to 5.11 $ per share and expiration dates ranging from July 2, 2026 to November 16. , 2026, from the closing of the registered direct offering so that the amended warrants have a reduced exercise price of $0.74 per share, cannot be exercised until six months after the closing of the direct registered offer and expire seven years after the close of the direct registered offer.

The Common Stock, Prefunded Warrants and the Common Stock underlying the Prefunded Warrants (but excluding the Common Stock and Prefunded Warrants sold pursuant to the Private Placement and the Placement Options and shares underlying the investment options sold under the offerings) have been offered and sold by InMed pursuant to a “pending” registration statement on Form S-3 (333-262532), including a base prospectus, previously filed with the Securities and Exchange Commission (“SEC”) on February 4, 2022 and declared effective by the SEC on February 11, 2022. The offering of the common stock and prefunded warrants issued in the under the registered direct offering was made only by way of a prospectus supplement which forms part of the registration statement. A final prospectus supplement and related base prospectus relating to the registered direct offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. Electronic copies of the Prospectus Supplement and the accompanying Base Prospectus may also be obtained from HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or by email at [email protected]

The unregistered common stock, pre-funded warrants and investment options sold in the offerings described above were offered pursuant to a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder and, together with the common stock underlying the prefunded warrants and investment options, have not been registered under the Act or applicable state securities laws. Accordingly, the Common Stock, Prefunded Warrants, Investment Options, and the common stocks underlying the Prefunded Warrants and Investment Options may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration. terms. The securities were offered only to a qualified investor. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered common stock and shares issuable upon the exercise unregistered pre-funded warrants and investment options.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or territory.

About InMed: InMed Pharmaceuticals is a world leader in the research, development, manufacturing and marketing of rare cannabinoids. Together with its subsidiary BayMedica LLC, the company has unparalleled cannabinoid manufacturing capabilities to serve an array of consumer markets, including pharmaceuticals, health and wellness. InMed is also a clinical-stage company developing a pipeline of rare therapeutic cannabinoids and dedicated to providing new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit www.inmedpharma.com and www.baymedica.com.

Investor contacts:
Colin Clancy
Vice President, Investor Relations
and corporate communications
Such. : +1.604.416.0999
Email: [email protected]

Caution Regarding Forward-Looking Information:

This press 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 press release includes statements about: the use of net proceeds from the offerings; the filing of a registration statement by InMed with the SEC covering the resale of the unregistered common stock and shares issuable upon the exercise of the unregistered prefunded warrants and investment options; to be a world leader in the research, development, manufacture and development of rare cannabinoids; and offer new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs.

With respect to the forward-looking information contained in this press release, InMed has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals in a timely manner, or not at all; and continued economic and market stability. Although InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

In addition, there are known and unknown risk factors that 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 in the present. A full discussion of the risks and uncertainties facing InMed’s stand-alone businesses is disclosed in InMed’s Annual Report on Form 10-K and in other filings with the Security and Exchange Commission at www.sec. gov.

All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any of the forward-looking information. forward-looking statements contained herein. to reflect future results, events or developments, except as required by law.