Immuron Ltd. Announces Pricing of U.S. Initial Public Offering and NASDAQ Listing – Raising US $6.1 Million
June 08 2017 - 5:44PM
Australian biopharmaceutical company Immuron Limited (ASX:IMC)
(NASDAQ:IMRN), today announced the pricing of its initial public
offering in the United States of 610,000 American Depository Shares
("ADSs") and warrants to purchase up to 610,000 ADSs. Each
ADS, representing 40 Ordinary Shares of the Company, and each
warrant to purchase one ADS, are offered at a combined price to the
public of $10.00. The warrants will have a per ADS exercise
price of $10.00, are exercisable immediately, and will have a term
of five years.
The gross proceeds to Immuron from this offering
are expected to be $6,100,000, prior to deducting underwriting
discounts, commissions and other estimated offering expenses.
Immuron has granted the underwriters a 45-day option to purchase up
to an additional 91,500 ADSs and/or warrants to purchase 91,500
ADSs to cover over-allotments, if any.
Immuron plans to use the net proceeds from the
offering to fund its ongoing clinical programs, for the repayment
of certain indebtedness, to fund manufacturing costs and marketing
initiatives and for working capital and other general corporate
purposes.
Immuron’s ADSs and warrants are scheduled to
begin trading on the NASDAQ Capital Market on June 9, 2017, under
the symbols “IMRN” and "IMRNW", respectively. The offering is
expected to close on June 14, 2017, subject to customary closing
conditions.
Joseph Gunnar & Co., LLC and Rodman &
Renshaw, a unit of H.C. Wainwright & Co., are acting as joint
book-running managers for the offering. Sichenzia Ross
Ference Kesner LLP is acting as U.S. legal counsel to Immuron and
Loeb & Loeb LLP is acting as U.S. counsel to the
underwriters.
The Securities and Exchange Commission declared
effective a registration statement on Form F-1 relating to these
securities on June 8, 2017. The offering is being made only by
means of a prospectus. Copies of the prospectus relating to the
offering may be obtained by contacting Joseph Gunnar & Co, LLC,
Prospectus Department, 30 Broad Street, 11th Floor, New York, NY
10004, telephone 212-440-9600, email:
prospectus@jgunnar.com or H.C. Wainwright & Co., 430 Park
Avenue, New York, NY 10022, email: placements@hcwco.com. Investors
may also obtain these documents at no cost by visiting the
Securities and Exchange Commission’s website at http://www.sec.gov.
Before you invest, you should read the prospectus and other
documents the Company has filed or will file with the Securities
and Exchange Commission for more complete information about the
Company and the offering.
This press release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or jurisdiction.
About Immuron LtdImmuron Ltd
(ASX:IMC) is a biopharmaceutical company focused on developing and
commercializing oral immunotherapeutic for the treatment of many
gut mediated diseases. Immuron has a unique and safe technology
platform that enables a shorter development therapeutic cycle. The
Company currently markets and sells Travelan® for the prevention of
travelers’ diarrhea whilst its lead product candidate IMM-124E is
in Phase 2 clinical trials for NASH and ASH. These products
together with the Company’s other preclinical immunotherapy
pipeline products targeting immune-related diseases currently under
development, will meet a large unmet need in the market. For more
information visit: http://www.immuron.com.
Forward-Looking StatementsThis
press release contains forward-looking statements about the
Company’s expectations, beliefs and intentions. Forward-looking
statements can be identified by the use of forward-looking words
such as “believe”, “expect”, “intend”, “plan”, “may”, “should”,
“could”, “might”, “seek”, “target”, “will”, “project”, “forecast”,
“continue” or “anticipate” or their negatives or variations of
these words or other comparable words or by the fact that these
statements do not relate strictly to historical matters. These
forward-looking statements involve certain risks and uncertainties,
including, among others, risks impacting the ability of the Company
to complete any public offering of its securities because of
general market conditions or other factors and risks that could
cause the Company’s results to differ materially from those
expected by Company management. Any forward-looking statement in
this press release speaks only as of the date of this press
release. The Company undertakes no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws. More detailed
information about the risks and uncertainties affecting the Company
is contained under the heading "Risk Factors" in Immuron Ltd.'s
Registration Statement on Form F-1 filed with the SEC, which is
available on the SEC's website, www.sec.gov.
COMPANY CONTACT:
Thomas Liquard
Chief Executive Officer
Ph: +61 (0)3 9824 5254
thomasliquard@immuron.com
IMMURON INVESTOR RELATIONS:
Peter Taylor
NWR Communications
Ph: +61 (0)4 1203 6231
peter@nwrcommunications.com.au
Immuron (NASDAQ:IMRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Immuron (NASDAQ:IMRN)
Historical Stock Chart
From Apr 2023 to Apr 2024