InMed Pharmaceuticals Inc. (NASDAQ: INM) amended the terms of preferred investment options held by Armistice Capital Master Fund Ltd., reducing the exercise price from $16.60 to $0.80 per common share.

The Vancouver-based pharmaceutical company entered into an amending agreement with Armistice regarding preferred investment options originally issued on October 26, 2023. The options allow Armistice to purchase up to 278,761 common shares at the revised exercise price.

The preferred investment options were offered through a private placement under Section 4(a)(2) of the Securities Act of 1933 and related regulations. The company stated that no assurance can be given that any of the options will be exercised.

InMed focuses on developing small molecule drug candidates targeting CB1/CB2 receptors, with programs addressing Alzheimer's, ocular and dermatological conditions. The information comes from a company press release and related Securities and Exchange Commission filings.