- InMed Pharmaceuticals (NASDAQ:INM) has entered into a non-binding letter of intent (LOI) to acquire California based BayMedica that specializes in the manufacture and commercialization of rare cannabinoids.
- In addition to their manufacturing and commercial activities in the health and wellness arena, BayMedica is researching cannabinoid analogs as potential drug candidates for pharmaceutical purposes.
- Pursuant to the indicative terms of the LOI, both the companies intend to negotiate and ink agreement under which InMed would acquire 100% of BayMedica in exchange for 1.6M InMed common shares.
- The LOI further provides that 25% of the InMed shares would be held in escrow and BayMedica’s equity and debt holders would receive Series A and B warrants to acquire up to 800K common shares of InMed, respectively.
- In November 2020, InMed and BayMedica entered into Research Collaboration to explore synergies between their respective technologies.
- Earlier, INM inked inks securities purchase agreement to raise ~$12M in private placement.