Immuron appoints Mr. Steven Lydeamore as Chief Executive Officer
May 05 2022 - 8:22PM
Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian
biopharmaceutical company focused on developing and commercializing
oral immunotherapeutics for the prevention and treatment of gut
mediated pathogens, is pleased to announce the appointment of
Steven Lydeamore as Chief Executive Officer (CEO) of the Company
effective 27 June 2022.
Mr. Lydeamore has 30 years international
pharmaceutical experience, working in Australia, Canada and USA.
Mr. Lydeamore brings valuable international experience having spent
eleven years working at Canadian global pharmaceutical company
Apotex Inc., and four years for Mayne Pharma (USA) Limited. This
includes valuable experience in mergers and acquisitions, finance,
business development, sales and marketing, manufacturing, and
research and development. Mr. Lydeamore was most recently Chief
Executive Officer (CEO) of Anatara Lifesciences Limited (ASX:ANR),
during which time the company successfully transitioned from a
preclinical to a clinical company following development of a
gastrointestinal tract delivery technology from which two products
have commenced human clinical trials.
Commenting on his appointment, Steven Lydeamore
said, “I am excited to be joining Immuron and look forward to
working closely with the team to grow the Company’s opportunities.
There are opportunities to grow sales of Immuron’s two
commercialized products, Travelan® and Protectyn® and opportunities
to further develop Immuron’s intellectual property portfolio.
Immuron has a patented and validated technology platform from which
two products, IMM-124E and IMM-529 entered trials in SARS-CoV-2 and
Clostridiodes difficile, respectively. There are opportunities for
expanded use of Travelan® which is presently in clinical trials for
traveler’s diarrhea and research into additional infectious
diseases through various divisions of the U.S. Department of
Defense.”
Dr. Roger Aston, Non-Executive Chairman, said,
“we are delighted with the appointment of Steven as CEO as he
brings an extensive background that includes the development and
commercialization of technology, business development, strategic
planning, mergers and acquisitions and more.”
Upon Mr. Lydeamore’s appointment Dr. Jerry
Kanellos, who has been interim CEO for the last two years will
resume the role of Chief Operating Officer. The Board would like to
thank Jerry for his efforts during a very difficult trading period.
Pending Steven Lydeamore commencing his duties, Non-Executive
Director Paul Brennan will take on a consultancy role within the
Company with a particular focus on the anticipated upcoming
Travelan® trials in the USA and the Company’s interactions with the
FDA.
For the purpose of ASX Listing Rule 3.16.4, a
summary of the material terms of Mr. Lydeamore’s employment
agreement is set out in Appendix 1.
This release has been authorized by the
directors of Immuron Limited.
COMPANY CONTACT:
Dr Jerry Kanellos, Ph.D.Chief Executive
OfficerPh: +61 (0)3 9824 5254info@immuron.com
About Immuron
Immuron Limited (ASX: IMC, NASDAQ: IMRN), is an
Australian biopharmaceutical company focused on developing and
commercializing orally delivered targeted polyclonal antibodies for
the treatment of infectious diseases.
Appendix 1: Summary of
material terms
of executive
employment contract
Commencement Date |
27 June 2022 |
Term |
Appointment on an ongoing basis subject to customary probationary
period and termination by either party (see termination and notice
below). |
Total Fixed Remuneration |
$415,000 per annum base salary reviewed annually, plus statutory
superannuation. |
Incentive Remuneration |
Subject to shareholder approval:• 1.43 million unlisted options
with a nil purchase price, exercise price of 145% of the 5-day
volume weighted average price (VWAP) on Commencement Date, with an
expiry date of 4 years after grant date.The terms of this scheme
are set out in the Omnibus Incentive Plan. |
Termination and Notice |
The Company or the CEO may terminate the agreement in the first 6
month with 3 months’ notice. The Company or the CEO may terminate
the agreement by providing 6 months’ notice thereafter. The Company
may elect, at its discretion, to make payment in lieu of
notice. |
Restraints |
Mr. Lydeamore’s employment agreement contains standard terms and
conditions for an agreement of this nature, including
confidentiality, restraint on competition and retention of
intellectual property provisions. |
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