Inmed Pharmaceuticals Inc (OTCMKTS:IMLFF) has shown signs of bouncing back towards its recent stock highs following a significant capital infusion. The firm has announced it closed C$9.4 Million in form of non-brokered private placement for proceeds. It will now issue 13,428,571 units as per the previously announced terms. The latest infusion presents a massive rise compared to the original offering, which anticipated proceeds of C$2.5 Million.
Reports of the new capital infusion have seen the firm’s stock value skyrocket, mirroring a 180 % jump experience in December following reports of widespread legalization of Cannabis in the U.S. Inmed’s stock price, which has a history of sudden sharp spikes, has recently rallied to exceed 380% above its sustained average. The firm’s current capitalization stands at $230.8 Million, giving it a $6M war chest of cash on books.
According to firm’s president and CEO Eric A Adams, Inmed welcomes the investment community’s positive response. “The new financing will boost our balance sheet, enabling us to execute more of our objectives,” he said. He further noted that the firm was extending its lead programs, including INM-750 for biosynthesis and EB consequently making significant inroads into the advancement of INM-405 and INM-750 for glaucoma and pain respectively. Additionally, the firm intends to bolster its working capital and corporate initiatives using the net proceeds.
Through its research and development on pharmacology of cannabinoids, Inmed Pharmaceuticals develops cannabis based therapies which it distributes through its innovative delivery channels. The firm uses its proprietary drug design platform to identify and locate bioactive compounds in the Cannabis plant responsible for interacting with specific gene targets relating to certain diseases.
Through extensive research and development, Inmed has perfected its cannabinoid based therapies to an extent that they can be commercially utilized to treat diseases with high medical needs. The firm uses its proprietary licenses to economically produce over 90 pharmaceutical grade cannabinoids, combining this with a bioinformatics assessment tool and a drug development program to provide solutions for devastating diseases. These include an eye drops formulation based on cannabinoids that treats glaucoma and a solution to treat Epidermolysis Bullosa a rare skin disorder.
In the long run, Inmed intends to list its common shares at the Toronto Stock exchange.