Immuron Appoints CEO Dr. Gary S. Jacob to Board of Directors
April 17 2019 - 9:00AM
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 appointment of Dr. Gary S. Jacob, CEO
of Immuron Ltd. to the Board of Directors as a
Director.
Dr. Jacob was appointed Chief Executive Officer
of Immuron Ltd. on 19 November 2018 and this appointment to the
Board is as envisaged in his employment agreement.
The material terms of Dr. Jacob’s employment
agreement are set out below as required by Listing Rule 3.16.4.
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 inflammatory
mediated and infectious diseases. Immuron has a novel and safe
technology platform with one commercial asset generating revenue.
In Australia, Travelan® is a listed medicine on the Australian
Register for Therapeutic Goods (AUST L 106709) and is indicated to
reduce the risk of Travellers’ Diarrhea, reduce the risk of minor
gastro-intestinal disorders and is antimicrobial. In Canada,
Travelan® is a licenced natural health product (NPN 80046016) and
is indicated to reduce the risk of Travellers’ Diarrhea. In the
U.S., Travelan® is sold as a dietary supplement for digestive tract
protection. Immuron’s lead clinical candidate, IMM-124E, is
presently in Phase II trials in Severe Alcoholic Hepatitis (SAH)
and Pediatric Nonalcoholic Fatty Liver Disease (NAFLD). The company
now has plans to develop a U.S. registration dossier for IMM-124E
for Travellers’ Diarrhea. Immuron’s second clinical-stage asset,
IMM-529, targets Clostridium difficile Infections (CDI), and is
presently in a clinical trial in CDI patients. These products
together with the Company’s other preclinical immunotherapy
pipeline products currently under development targeting
immune-related and infectious diseases are anticipated to meet
pressing needs 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.
Attachment 1
Dr Gary S. Jacob – Material terms of the
employment agreement
Appointment Date |
17 April 2019 |
Term |
Unchanged Appointment on an on-going basis subject to customary
probationary period and termination by either party. |
Fixed Remuneration |
Unchanged Remains unchanged at $350,000 USD per annum comprising
base salary and excluding statutory superannuation or equivalent.
Up to $45,000 USD per annum for eligible health insurance and other
employment related compensation. |
Short Term Incentives |
Short Term Incentives of up to 50% of base salary to achieving key
performance indicators to be defined by the Board |
Long Term Incentives |
Subject to shareholder approval - 5 million options exercisable at
A$0.50 per option on or before 10 February 2024 |
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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