Full Press Release Details
Announces US $20.0 Million Registered Direct Offering
Australia, July 22, 2020: Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian biopharmaceutical company focused on developing
and commercializing oral immunotherapeutics for the prevention and treatment of gut mediated pathogens, today announced that it
has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale in a
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 US $18.75 per ADS (equivalent to US $0.469 per share). The closing of the offering is
expected to occur on or about July 23, 2020, subject to the satisfaction of customary closing conditions.
Wainwright & Co. is acting as the exclusive placement agent for the offering.
gross proceeds to the Company from this offering are expected to be approximately US $20.0 million, before deducting the placement
agent's fees and other offering expenses payable by the Company. 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.
securities described above are being offered by the Company pursuant to a "shelf" registration statement on Form F-3
(File No. 333-230762) previously filed with the U.S. Securities and Exchange Commission (the "SEC") on April 8, 2019
and declared effective by the SEC on April 17, 2019. The offering of the securities is being made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying
prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement
and accompanying prospectus may be obtained, when available, 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.
issue of the underlying IMC shares is within the Company's existing capacity under ASX Listing Rule 7.1 and 7.1A. This equates
to 623,406 ADSs under ASX Listing Rule 7.1 and 443,262 ADSs under ASX Listing Rule 7.1A.
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.
release has been authorised by the directors of Immuron Limited.
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).
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.
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.
more information visit: http://www.immuron.com
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 offering, the expected gross proceeds and the expected closing of the offering 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.