October 13, 2021, Vancouver, British Columbia, South San Francisco, California (GLOBE NEWSWIRE) — InMed Pharmaceuticals Inc. (“InMed” or “Company”) (Nasdaq: INM) is a leader in the production and clinical development of rare cannabinoids, and today’s previously announced private Bay Medica Inc. Announced that it has completed the acquisition of (“Bay Medica”). A US-based company specializing in the manufacture and commercialization of rare cannabinoids for the health and wellness sector.
Eric A, President and Chief Executive Officer of InMed. Adams said: In the coming weeks, we will focus on corporate integration, explore integrated manufacturing know-how and aim to accelerate revenue growth. BayMedica brings important expertise, strengthens drug development efforts and helps the company position itself as a global leader in the manufacture of rare cannabinoids. “
Shane Johnson, Senior Vice President and General Manager of Bay Medica, said: Together, we have the ability and resources to accelerate commercial initiatives and drive the launch of several new cannabinoid products in the areas of consumer health and wellness. Combining rare cannabinoid manufacturing technologies such as synthetic biology, chemical synthesis, and enzymatic biotransformation (IntegraSyn ™), we have established ourselves as a leader in this field. “
Acquisition Summary and Modified Transaction Terms: InMed acquired 100% of BayMedica in exchange for 2.05 million InMed common stock issued to BayMedica shares and convertible bond holders, subject to a six-month contract holding period. The previously announced issuance of Series A and Series B has replaced the acquisition of 1.6 million shares of common stock with a cash component of US $ 1 million. All of this cash consideration is to meet certain potential post-closing indemnifications and other claims that InMed may have under the final agreement during the 6-month and 12-month post-closing periods. , Will be stored in the escrow subject to cancellation.
For more information on this deal and future developments in InMed, visit our website for a recent webinar featuring Eric A. Adams and Shane Johnson.
About InMed: InMed Pharmaceuticals is a world leader in the manufacture and development of rare cannabinoids. Working with its subsidiary Bay Medica, it has unparalleled cannabinoid production capabilities to serve a variety of consumer markets, including pharmaceuticals, health and wellness. We are a clinical phase company dedicated to developing a pipeline of rare cannabinoid therapies and providing patients with new alternative therapies that may benefit from cannabinoid-based therapies. For more information, please visit www.inmedpharma.com.
About Bay Medica: BayMedica Inc. leverages synthetic biology and medicinal chemistry to develop a unique, efficient and scalable platform for high-quality, rare cannabinoids for consumers and new chemicals derived from cannabinoids for pharmaceuticals. Is a profitable biotechnology company that manufactures. For more information, please visit www.baymedica.com.
Investor contact information:
Investor Relations Senior Director
T: +1 604 416 0999
Joe Greene / Rainyon Car
T: +1.646.653.7030 / + 1.646.653.7035
E: firstname.lastname@example.org / email@example.com
Future outlook notes:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. .. Forward-looking statements, but not always, include “expect,” “expect,” “believe,” “intention,” “potential,” “potential,” and “do.” Often identified by expression. Since such statements are based on the current expectations of management, they inherently contain many risks, uncertainties, and known and unknown assumptions, many of which are beyond our control. Forward-looking information is based on management’s current expectations and beliefs, and many risks and uncertainties that may cause actual results to differ materially from those stated in the forward-looking statements. Affected. Information about the future outlook for this news release includes the following: The results and potential benefits of the combination of InMed and BayMedica business models, and their future growth potential.
With respect to the forward-looking information contained in this news release, InMed makes many assumptions, among other things, about the expected outcomes and potential of BayMedica’s business and the combination of BayMedica’s and InMed’s businesses. Continued economic and market stability. Provide patients with new treatment options that may benefit from cannabinoid-based medicines. Advance Integra Syn ™ to commercial scale production. IntegraSyn ™ is a commercially viable solution for large-scale pharmaceutical-grade GMP production of rare cannabinoids. Develop a pipeline of cannabinoid-based drug candidates. InMed considers these assumptions reasonable, but these assumptions are subject to materially significant business, economic, competitive, market and social uncertainties and contingencies.
In addition, known and unknown risks that InMed’s actual results, performance, or outcomes may differ materially from future outcomes, performances, or outcomes expressed or implied by the forward-looking information contained herein. There are factors. Known risk factors include, among others: Regulatory submissions may or may not be submitted in a timely manner. A more complete discussion of the risks and uncertainties faced by InMed’s standalone business is the InMed Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission at www.sec.gov and the latest. Disclosures in the Annual Information Form and elsewhere. Continuing disclosures submitted to Canadian securities regulators regarding SEDAR at www.sedar.com.
All forward-looking information contained herein is fully modified by this notice and InMed is obliged to revise or update such forward-looking information, or the future contained herein. We undertake no obligation to publish the revised results of the information regarding our outlook. To reflect future outcomes, events, or developments, except as required by law.
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InMed Pharmaceuticals completes acquisition of Bay Medica, creating market leader in the production of rare cannabinoids, Canadian Business Journal
Source link InMed Pharmaceuticals completes acquisition of Bay Medica, creating market leader in the production of rare cannabinoids, Canadian Business Journal