Immuron Limited Announces Closing of $20.0 Million Registered Direct Offering
July 23 2020 - 12:45PM
Immuron Limited (ASX: IMC; NASDAQ: IMRN), (the “Company”), an
Australian biopharmaceutical company focused on developing and
commercializing oral immunotherapeutics for the prevention and
treatment of gut mediated pathogens, today announced the closing of
its previously announced registered direct offering of 1,066,668
American Depositary Shares (“ADSs”), each representing forty (40)
of the Company’s ordinary shares, at a purchase price of $18.75 per
ADS for gross proceeds of approximately US$20.0 million.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The Company intends to use the net proceeds from
this offering to fund Immuron’s research and development,
preclinical and clinical programs, support marketing initiatives
surrounding the Company’s flagship product Travelan and provide
ongoing working capital for the Company.
The Securities and Exchange Commission declared
effective a registration statement on Form F-3 (File No.
333-230762) relating to these securities on April 17, 2019. A final
prospectus relating to this offering has been filed with the
Securities and Exchange Commission. The offering was made only by
means of a prospectus. Electronic copies of the final prospectus
relating to the offering may be obtained on the SEC’s website at
http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC
at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
(646) 975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
This release has been authorised by the
directors of Immuron Limited.
COMPANY
CONTACT: Dr Jerry Kanellos,
Ph.D.Chief Executive OfficerPh: +61 (0)3 9824
5254info@immuron.com INVESTOR
RELATIONS:Dave Gentry, CEO RedChip Companies Inc.
407-491-4498 Dave@redchip.com |
About ImmuronImmuron 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 of 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 in accordance with section 403 (r)(6) of the Federal
Drug Administration (FDA).
About
Travelan®
Travelan® is an orally administered passive
immunotherapy that prophylactically reduces the likelihood of
contracting travelers’ diarrhea, a digestive tract disorder that is
commonly caused by pathogenic bacteria and the toxins they produce.
Travelan® is a highly purified preparation of hyper immune bovine
antibodies and other factors, which when taken with meals bind to
diarrhea-causing bacteria and prevent colonization and the
pathology associated with travelers’ diarrhea. 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 Travelers’ Diarrhea, reduce the risk of minor
gastro-intestinal disorders and is antimicrobial. In Canada,
Travelan® is a licensed natural health product (NPN 80046016) 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.
About Travelers’
diarrhea
Travelers’ diarrhea is a gastrointestinal
infection with symptoms that include loose, watery (and
occasionally bloody) stools, abdominal cramping, bloating, and
fever, Enteropathogenic bacteria are responsible for most cases,
with enterotoxigenic Escherichia coli (ETEC) playing a dominant
causative role. Campylobacter spp. are also responsible for a
significant proportion of cases. The more serious infections with
Salmonella spp. the bacillary dysentery organisms belonging to
Shigella spp. and Vibrio spp. (the causative agent of cholera) are
often confused with travelers’ diarrhea as they may be contracted
while travelling and initial symptoms are often
indistinguishable.
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, statements
regarding the use of proceeds as well as 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:
market and other conditions, 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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