Immuron Announces A$5.1M Private Placement to U.S. Fund
March 13 2018 - 6:20PM
Immuron Limited (ASX:IMC) (NASDAQ:IMRN), an
Australian microbiome biopharmaceutical company focused on
developing and commercializing orally delivered targeted polyclonal
antibodies for the treatment of inflammatory mediated and
infectious diseases, is pleased to announce today that it has
finalized a private placement capital raising with a large U.S.
institutional investment fund.
Joseph Gunnar & Co., LLC and H.C. Wainwright
& Co. acted as exclusive joint placement agents for the
offering.
The terms of the private placement will raise
Immuron approximately A$5.1 million (before costs of the offer) for
the issuance of 13,162,744 new ASX shares at A$0.39 per share, plus
three new free-attaching options for every 5 new shares issued
resulting in 7,897,647 new options being issued exercisable at
A$0.468 per option, expiring 5 years from the date of issue. The
placement is expected to complete on March 15, 2018, subject to
customary conditions.
Immuron expects this capital raise to secure the
future funding needs of Immuron’s other ongoing clinical programs,
support marketing initiatives surrounding the Company’s flagship
product Travelan, which has already experienced significant sales
growth through the first half of financial year 2018, and provide
ongoing working capital for the Company.
Immuron’s CEO Dr. Jerry Kanellos commented:
“Immuron has received a number of recent offers
for financial support following the release of the Company’s
positive top-line results of its IMM-124E Phase II Non-Alcoholic
Steatohepatitis (NASH) clinical study.
We’re very pleased that we have been able to
partner with this large US institutional investor for this raising
and for them to take such a significant position in our Company
brings stability and validation to the Company’s share
register.”
This press release and the information
it contains does not, and will not, constitute a public offering to
subscribe for or sell, nor the solicitation of an offer to
subscribe for or buy, securities of Immuron in the United States or
any other jurisdiction where restrictions may apply. Securities may
not be offered or sold in the United States absent registration or
an exemption from registration under the US Securities Act of 1933,
as amended and applicable State securities laws. Immuron does not
intend to register securities or conduct a public offering in the
United States.
This distribution of this press release
may be subject to legal or regulatory restrictions in certain
jurisdictions. Any person who comes into possession of this press
release must inform him or herself of and comply with any such
restrictions.
COMPANY CONTACT:Jerry
KanellosChief Executive Officer (Interim)Ph: +61 (0)3 9824
5254jerrykanellos@immuron.com |
USA INVESTOR RELATIONS:Jon
CunninghamRedChip Companies, Inc.US Ph: +1 (407) 644 4256,
(ext. 107)jon@redchip.com |
AUS INVESTOR RELATIONS:Peter
TaylorNWR CommunicationsPh: +61 (0)412 036
231peter@nwrcommunications.com.au |
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ABOUT IMMURON:Immuron Limited
(ASX:IMC) (NASDAQ:IMRN), is an Australian microbiome
biopharmaceutical company focused on developing and commercializing
orally delivered targeted polyclonal antibodies for the treatment
of inflammatory mediated and infectious 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 and its
lead clinical candidate, IMM-124E, is in Phase II clinical trials
for Non-Alcoholic Steatohepatitis (NASH),
Severe Alcoholic Hepatitis (SAH) and Pediatric
Nonalcoholic Fatty Liver Disease (NAFLD).
Immuron’s second clinical stage asset, IMM-529, is targeting
Clostridium difficile Infections (CDI). 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
global immunotherapy market.
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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