Immuron Prices Underwritten Public Offering of ADSs
July 17 2019 - 6:00AM
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 pricing of an underwritten public
offering of 339,130 American Depositary Shares, or ADSs. Each
ADS represents forty (40) ordinary shares of the Company.
Each ADS is being offered at a public offering price of
USD$4.00.
The Company has also granted to the underwriter
a 45-day option to acquire an additional 50,869 ADSs to cover
overallotments in connection with the offering, if any.
The offering is expected to close on July 19,
2019, subject to customary closing conditions.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as representative of the underwriters
in the offering.
The ADSs described above are being 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.
The estimated gross proceeds to the Company are
expected to be approximately USD$1,356,520 prior to deducting
underwriting discounts, commissions and other estimated offering
expenses. 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.
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. A preliminary prospectus supplement and accompanying
base prospectus relating to this offering have been filed with
the SEC and are available at the SEC’s website at
http://www.sec.gov. Before investing, you should read the
preliminary prospectus supplement and the accompanying prospectus
for information about Immuron and this offering. A final prospectus
supplement related to the offering will also be filed with the
SEC.
Copies of the final prospectus supplement and
accompanying prospectus relating to the offering, when
available, 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 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 our growth strategy and product development programs, our
expected uses of the net proceeds of this offering 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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