InMed Pharmaceuticals completes the acquisition of BayMedica

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VANCOUVER, British Columbia and SOUTH SAN FRANCISCO, Calif., October 13, 2021 (GLOBE NEWSWIRE) – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the manufacture and clinical development of rare cannabinoids, today announced that it has completed the previously announced acquisition of BayMedica Inc. (“BayMedica”) , a privately held United States-based corporation specializing in the manufacture and marketing of rare cannabinoids for the health and wellness industry.

Eric A. Adams, President and CEO of InMed, said: “We are delighted to complete this acquisition and welcome everyone at BayMedica to the InMed team. Over the next few weeks, we will focus on integrating the business, exploring our combined manufacturing know-how and looking to accelerate revenue growth. BayMedica brings significant expertise and will help strengthen our pharmaceutical drug development efforts as well as position the Company to become a world leader in the manufacture of rare cannabinoids. “

Shane Johnson, Senior Vice President and General Manager of BayMedica, said: “We are very pleased to complete this transaction and join forces with InMed. Together, we have the capabilities and resources to accelerate our business initiatives and accelerate the launch of several new cannabinoid products in the consumer health and wellness industry. The combined technologies in the manufacture of rare cannabinoids, including synthetic biology, chemical synthesis and enzymatic biotransformation (IntegraSyn ™), make us a leader in the field. “

Acquisition overview and amended trading conditions: InMed acquired 100% of BayMedica in exchange for 2.05 million ordinary shares of InMed issued to holders of BayMedica equity and convertible debt securities, subject to a contractual holding period of six months. The previously announced issuance of Series A and Series B warrants to acquire 1.6 million common shares has been replaced with a cash component of US $ 1 million. All of this cash consideration will be held in escrow, subject to cancellation, to satisfy certain potential post-closing indemnities and other claims that InMed may have under the Final Agreement in the six and twelve month periods. following the fence.

To learn more about the transaction and learn more about InMed’s future developments, please visit our website and watch a recent webinar featuring Eric A. Adams and Shane Johnson.

About InMed: InMed Pharmaceuticals is a global leader in the manufacture and development of rare cannabinoids. Together with our subsidiary BayMedica, we have unmatched cannabinoid manufacturing capabilities to serve a range of consumer markets including pharmaceuticals, health and wellness. We are a clinical-stage company developing a pipeline of rare cannabinoid therapies and dedicated to providing novel treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit www.inmedpharma.com.

About BayMedica: BayMedica Inc. is a revenue-stage biotechnology company leveraging synthetic biology and pharmaceutical chemistry to develop an efficient, scalable and proprietary platform to produce high-quality rare cannabinoids for consumer and consumer applications. new chemical entities derived from cannabinoids for pharmaceutical applications. For more information, visit www.baymedica.com.

Investor contact:
Colin Clancy
Senior Director, Investor Relations
T: +1 604 416 0999
E: cclancy@inmedpharma.com

Edison Group:
Joe Green / Yonker Wool
T: + 1.646.653.7030 / + 1.646.653.7035
E: jgreen@edisongroup.com / lyonker@edisongroup.com

Caution regarding forward-looking information:

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “potential”, “possible”, “would” and similar expressions. Such statements, based on management’s current expectations, inherently involve many risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements. Forward-looking information contained in this press release includes statements about: BayMedica’s plans for further product launches; the results and potential benefits of combining the business models of InMed and BayMedica and their potential for future growth.

With regard to the forward-looking information contained in this press release, InMed has made numerous assumptions concerning, among others: the expected results and potential of BayMedica’s activities and the combination of BayMedica’s activities with those of InMed; continued stability of the economy and the market; offer new therapeutic alternatives to patients likely to benefit from cannabinoid-based pharmaceutical drugs; to move IntegraSyn ™ to commercial scale production; IntegraSyn ™ being a commercially viable solution for large scale, pharmaceutical grade GMP production of rare cannabinoids; and the development of a pipeline of cannabinoid-based pharmaceutical drug candidates. Although InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant commercial, economic, competitive, market and social uncertainties and contingencies.

In addition, there are known and unknown risk factors which could cause InMed’s actual results, performances or achievements to differ materially from future results, performances or achievements expressed or implied by the forward-looking information contained in the this document. Known risk factors include, but are not limited to: regulatory filings may not be filed or approved in a timely manner, if at all. A fuller discussion of the risks and uncertainties facing InMed’s stand-alone activities is disclosed in InMed’s annual report on Form 10-K and other documents filed with the Security and Exchange Commission at www .sec.gov and the most recent Annual Disclosure Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.

All forward-looking information contained in this document is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update such forward-looking information or to publicly announce the result of any revision of any of the information. forward-looking statements contained herein. to reflect future results, events or developments, except as required by law.


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