InMed Pharmaceuticals Inc (OTCMKTS:IMLFF) filed with the US SEC on Form S-1 to offer common shares worth $12 million. It intends to list the shares on NASDAQ. It will also consolidate its outstanding and issued common shares to 5.23 million from 172.3 million. After consolidation, each shareholder will receive one common share for every 33 pre-consolidation shares. The company will not issue any fractional shares to the investors.
No change in trading symbol
Post consolidation of the shares, InMed will continue to trade under the same symbol on the Toronto Stock Exchange. The company retains the same name. Persons residing in Canada or Canadians are exempted from this share proposal.
Starts trading from July 3, 2020
InMed completed the consolidation of its outstanding and issued common shares on June 30, 2020, and issued one common share to the shareholder for every 33 shares held on a pre-consolidation basis. It is subject to the nod of TSX. The company will send a communication to this effect to the shareholders holding the common shares in physical form and along with necessary instructions. InMed expects to commence trading of its shares post-consolidation on July 3, 2020, on the TSX.
Since the US Independence Day falls on July 3, 2020, the shares of InMed will begin trading on July 6, 2020, under the symbol IMLFF on the OTCQX Best Market. The company is allotted a new ISIN number, CA4576375022, and CUSIP number 457637502.
Unveils a new production system – IntegraSyn
InMed unveiled a new manufacturing system – IntegraSyn, which combines biosynthesis with existing drug manufacturing systems, for the production of PG (pharmaceutical grade) cannabis. The new manufacturing process facilitates the production of high-quality cannabis economically.
InMed engaged contract manufacturing and development organization to collaborate with its in-house team to develop this innovative manufacturing process that allows switching flexibly to another cannabinoid.
Benefits of IntegraSyn
Expensive manufacturing steps are minimized, resulting in reduced costs.
Improves yields compared to traditional manufacturing processes.
It facilitates shifting production to another cannabinoid.
The facility is scalable to meet the growing demand for pharmaceutical or other grade products.
It helps to reduce the impact on the environment.
It allows using rare cannabinoids in place of expensive plant extracts.
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