Immuron Announces Proposed Public Offering of ADSs
May 23 2019 - 4:45PM
Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian
biopharmaceutical company focused on developing and commercializing
oral immunoglobulin therapeutics for the treatment of gut mediated
diseases, today announced that it intends to offer and sell
American Depositary Shares, or ADSs in an underwritten public
offering. Each ADS represents forty (40) ordinary shares of
Immuron. Immuron expects to grant the underwriters a 45-day
option to purchase additional ADSs offered in the public
offering. The offering is subject to market conditions, and there
can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
Immuron intends to use the net proceeds from the
proposed offering for expenses associated with the clinical
development of its clinical candidates and working capital.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as representative of the underwriters
in the offering.
A shelf registration statement on Form F-3 (File
No. 333-230762) relating to the ADSs to be issued in the proposed
offering was filed with the Securities and Exchange Commission
(SEC) and was declared effective on April 17, 2019. This press
release shall not constitute an offer to sell or the 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 registration or qualification under
the securities laws of any such state or jurisdiction.
A preliminary prospectus supplement and
accompanying prospectus describing the terms of the proposed
offering will be filed with the SEC. The securities may be offered
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. Copies of
the preliminary prospectus supplement and the accompanying
prospectus relating to the securities being offered may also be
obtained from ThinkEquity, a division of Fordham Financial
Management, Inc., 17 State Street, 22nd Floor, New York, New
York 10004, by telephone at (877) 436-3673, by email
at prospectus@think-equity.com. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus will
also be available on the SEC’s website
at http://www.sec.gov.
ABOUT IMMURON:Immuron Limited
(ASX: IMC, NASDAQ: IMRN), is an Australian biopharmaceutical
company focused on developing and commercializing orally delivered
polyclonal antibodies for the treatment of inflammatory mediated
and infectious diseases. Immuron’s technology platform utilizes
highly specific vaccines for the generation of hyperimmune
antibody-rich bovine colostrum, providing a means of antimicrobial
therapy without the drawbacks of antibiotics to treat gut-mediated
diseases. The Company currently markets Travelan®, which is a
listed medicine on the Australian Register for Therapeutic Goods,
in Australia to reduce the risk of travelers’ diarrhea. In Canada,
Travelan® is a licenced natural health product, and is indicated to
reduce the risk of travelers’ diarrhea. In the U.S. Travelan® is
sold as a dietary supplement for digestive tract protection.
Immuron’s lead clinical drug candidate, IMM-124E, is presently in
Phase II trials in severe alcoholic hepatitis (ASH), and pediatric
non-alcoholic fatty liver disease (NAFLD), respectively. The
Company recently announced plans to pursue clinical development of
IMM-124E through a formal FDA registration pathway as a drug to
specifically prevent travelers’ diarrhea. Immuron’s second
clinical-stage asset, IMM-529, targets Clostridium difficile
infections (CDI), and is presently in a clinical trial in CDI
patients. The Company plans to file an IND with FDA to focus its
further development specifically to treat patients with recurrent
CDI.
For more information visit: http://www.immuron.com.
FORWARD-LOOKING STATEMENTS:This
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, each as amended. Such
statements include, but are not limited to, any statements relating
to the closing of the offering, the intended use of net proceeds
from the offering, our growth strategy and product development
programs and any other statements that are not historical facts.
Forward-looking statements are based on management’s current
expectations and are subject to risks and uncertainties that could
negatively affect our business, operating results, financial
condition and stock value. Factors that could cause actual results
to differ materially from those currently anticipated include:
risks relating to our growth strategy; our ability to obtain,
perform under and maintain financing and strategic agreements and
relationships; risks relating to the results of research and
development activities; risks relating to the timing of starting
and completing clinical trials; uncertainties relating to
preclinical and clinical testing; our dependence on third-party
suppliers; our ability to attract, integrate and retain key
personnel; the early stage of products under development; our need
for substantial additional funds; government regulation; patent and
intellectual property matters; competition; as well as other risks
described in our SEC filings. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
COMPANY CONTACT:
Gary S. Jacob, Ph.D.
Chief Executive Officer
Ph: +61 (0)3 9824 5254
info@immuron.com
AUS INVESTOR RELATIONS:
Peter Taylor
NWR Communications
Ph: +61 (0)4 1203 6231
peter@nwrcommunications.com.au
USA INVESTOR RELATIONS:
Dave Gentry - CEO
RedChip Companies, Inc.
US Ph: +1 (407) 491 4498
dave@redchip.com
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