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InMed Pharmaceuticals ( (INM) ) has issued an announcement.
InMed Pharmaceuticals announced a $5 million private placement with a single institutional investor, involving the issuance and sale of common shares and short-term preferred investment options. The proceeds will support the development of its pharmaceutical drug candidates, commercial sales of rare cannabinoids through its subsidiary BayMedica LLC, and general working capital. This move is expected to bolster InMed’s operational capabilities and strengthen its position in the pharmaceutical industry, particularly in areas with high unmet medical needs.
Spark’s Take on INM Stock
According to Spark, TipRanks’ AI Analyst, INM is a Neutral.
InMed Pharmaceuticals shows significant financial challenges with persistent losses and negative cash flows, which heavily weigh down its score. The stock’s technical indicators reflect short-term positive momentum, offering some optimism amid volatility. The valuation remains constrained by ongoing losses and lack of profitability metrics, typical for the biotechnology sector.
To see Spark’s full report on INM stock, click here.
More about InMed Pharmaceuticals
InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. The company’s pipeline includes programs for treating Alzheimer’s, ocular, and dermatological conditions.
Average Trading Volume: 3,119,971
Technical Sentiment Signal: Sell
Current Market Cap: $2.96M
For a thorough assessment of INM stock, go to TipRanks’ Stock Analysis page.