inmed pharmaceuticals inc shares were down 19 to 311 friday after the company said it entered into a securities purchase agreement with two healthcarefocused institutional investors for the issuance and sale of 18 million common shares at 330 a share in a private placement offering the canadabased company has agreed to issue to the investors in the offering unregistered preferred investment options to buy up to 33 million shares the company said the proceeds from the private placement are expected to be about 6 million and will be used to support drug development cannabinoid and cannabinoidanalog manufacturing intellectual property and general working capital purposes the offering is expected to close on or about monday the stock hit its 52week low of 240 on nov 9 and is down 67 in the past three months