InMed Pharmaceuticals Inc. (NASDAQ: INM) stock remained unchanged on Wednesday while the INM stock price gains by 12.92% in the premarket trading session today. InMed Pharmaceuticals is a world leader in rare cannabinoid research and development. They have unrivaled cannabis production capabilities, owing to its affiliate BayMedica, to service a wide range of consumer markets.
INM stock’ Current Development
BayMedica which is a private firm headquartered in the United States that specializes in the production and marketing of rare cannabinoids for the health and wellness industry has been acquired by InMed Pharmaceuticals.
InMed purchased 100% of BayMedica in return for 2.05 million InMed common shares, subject to a six-month contractual hold term, given to BayMedica’s equity and convertible debt holders. A cash component of US$1 million has been added to the previously discussed offering of Series A and Series B warrants to buy 1.6 million common shares. The whole cash consideration will be kept in escrow, pursuant to a cancellation, to meet various post-close indemnification and other obligations that InMed may have under the definitive agreement in the six and twelve months after the closure.
Eric A. Adams, President and Chief Executive Officer of InMed, said that,
They are pleased to have completed this transaction and to welcome everyone from BayMedica to the InMed family. They’ll spend the next few weeks focusing on corporate integration, examining their combined manufacturing expertise, and finding ways to boost growth in revenue. BayMedica provides a wealth of experience that will aid in their pharmaceutical drug development efforts and set benchmarks to become a global leader in the production of rare cannabinoids.
Shane Johnson, Senior Vice President and General Manager of BayMedica, commented,
They’re thrilled to have completed this deal and joined forces with InMed. They have the ability and resources to boost their commercial activities and the introduction of many new cannabis products in the consumer health and wellness sector if they work together. They are a pioneer in the area due to their integrated technologies in rare cannabinoid production, which include synthetic biology, chemical synthesis, and enzymatic biotransformation (IntegraSyn).