InMed Pharmaceuticals Inc (INM)

[Matilda1]

Feb 22/2017
Revive and InMed will endeavor to enter into a definitive agreement within 30 days of the execution of the term sheet. Pursuant to the signing of a definitive agreement, InMed will grant Revive the exclusive worldwide rights to develop and commercialize the target cannabinoid(s) discovered from InMed’s proprietary in silico drug/disease targeting technology. Under the term sheet, InMed will receive an upfront payment and will be eligible to receive additional milestone payments upon achievement of certain predefined pre-clinical clinical, regulatory and commercial targets, as well as royalties on commercial sales. The term sheet agreement is not binding and remains subject to further negotiation and definitive documentation. Further announcements will be made on the status of this transaction, and the details of the commercial terms.