VANCOUVER, March 2, 2018 /CNW/ - InMed Pharmaceuticals Inc. ("InMed" or the "Company") (CSE:IN) (OTC:IMLFF), a biopharmaceutical company specializing in the research and development of novel, cannabinoid-based drug therapies, announced today that it has received conditional approval from the Toronto Stock Exchange (the "TSX") to list its common shares ("Common Shares") on the TSX. Final approval of the listing on the TSX remains subject to InMed fulfilling certain customary listing conditions of the TSX on or before the TSX-imposed deadline of May 29, 2018. The Company expects that it will satisfy such conditions in advance of the TSX-imposed deadline. Upon listing on the TSX, the Common Shares will continue to trade under the symbol 'IN'.
"Graduating to the TSX is a significant accomplishment for InMed," said Eric A. Adams, CEO & President. "This milestone furthers our corporate goal of securing a leadership position in this high-growth sector. InMed is one of only a few pure-play cannabinoid biopharmaceutical companies to be trading on one of the world's senior stock exchanges."
In connection with the listing of the Common Shares on the TSX, InMed will make application to the Canadian Stock Exchange ("CSE") to voluntarily delist the Common Shares from the CSE. Such delisting will be effective as of the date the Common Shares commence trading on the TSX.
Shareholders are not required to exchange their stock certificates or take any other action in connection with the TSX listing, as there will be no change in the trading symbol or CUSIP for the Common Shares.
InMed is a preclinical stage biopharmaceutical company specializing in the research and development of novel, cannabinoid-based prescription drug therapies utilizing novel drug delivery systems. InMed conducts research, discovery, preclinical, regulatory, manufacturing and commercial development activities for its product candidates. InMed's proprietary bioinformatics platform, its biosynthesis manufacturing process and its drug development programs are the fundamental value drivers of the Company. For more information, visit www.inmedpharma.com.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. 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 the forward-looking statements. Forward-looking information in this news release includes statements about: the listing of the Common Shares on the TSX subject to the fulfillment of the standard listing conditions of the TSX; the expected timing for the completion of the listing and commencement of trading of the Common Shares on the TSX; the trading symbol for the Common Shares on the TSX; InMed making application to delist the Common Shares from the CSE and the expected timing of the delisting from the CSE; and, the expected fundamental value drivers of the Company.
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: InMed will be able to satisfy the TSX's standard listing conditions and the listing of the Common Shares on the TSX and delisting from the CSE will be completed in accordance with the timing currently expected. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: InMed may not be able to satisfy the TSX's standard listing conditions in accordance with the timing currently expected or at all; the listing may not be completed; and, InMed may not realize any benefits from listing on the TSX currently expected or anticipated by management; A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.