Immuron Announces the Closing of Public Offering of ADSs
May 30 2019 - 8:00AM
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 the closing of its previously announced
underwritten public offering of 500,000 American Depositary Shares
(“ADSs”) at a public offering price of USD$4.00 per ADS for gross
proceeds of $2,000,000 (prior to deducting underwriting discounts,
commissions and other estimated offering expenses). Each ADS
represents forty (40) ordinary shares of Immuron.ThinkEquity, a
division of Fordham Financial Management, Inc., acted as sole
book-running manager for the offering.
The ADSs described above were offered by Immuron
pursuant to a shelf registration statement on Form F-3 (File No.
333-230762) previously filed with and subsequently declared
effective by the Securities and Exchange Commission (SEC) on April
17, 2019.
Copies of the final prospectus supplement and
accompanying prospectus relating to the offering may 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 final
prospectus supplement and accompanying prospectus are also be
available on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, 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.
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.
COMPANY CONTACT: Gary S. Jacob,
Ph.D.Chief Executive OfficerPh: +61 (0)3 9824
5254info@immuron.com |
AUS INVESTOR RELATIONS: Peter
TaylorNWR CommunicationsPh: +61 (0)4 1203
6231peter@nwrcommunications.com.au |
USA INVESTOR RELATIONS: Dave Gentry -
CEO RedChip Companies, Inc. US Ph: +1 (407) 491 4498
dave@redchip.com |
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 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.
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