MELBOURNE, Australia, July 07, 2016 (GLOBE NEWSWIRE) -- Australian microbiome biopharmaceutical company Immuron Limited (ASX:IMC) (OTCQB:IMROY), is pleased to announce that the Company has received strong support from its existing shareholders and new investors for the Rights Issue (Offer).
On 31st May 2016, the Company announced a Rights Issue to raise approximately $6M (before costs), which offered up to 24,029,894 new shares at $0.25 per share to eligible shareholders (New Shares). As part of the Offer, Rights Issue subscribers will also receive a free-attaching 1:1 New Option exercisable at $0.55 per option expiring 3 years from the date of issue, the issuance of which is subject to shareholder approval.
The Offer was 75% subscribed by existing shareholders raising $4.51M, with a further $820K received from shortfall subscribers.
In accordance with Appendix 7A of the ASX Listing Rules, Immuron advises that it has received valid acceptances from eligible shareholders comprising of entitlements and oversubscriptions for 18,045,510 New Shares. In addition, the Company received shortfall applications from professional and sophisticated investors for 3,275,468 New Shares.
Immuron’s Chairman, Dr. Roger Aston commented:
“The Board is very pleased at the strong take-up of the Rights Issue by existing shareholders reflecting their confidence and support of the Company’s technology platform together with its future global business strategy. We look to prudently utilise these new funds to further advance the clinical and marketed assets of the Company and continue to grow shareholder value.”
Thomas Liquard, CEO of Immuron commented:
“As highlighted in the Offer Document, the funds raised from the Rights Issue will fund important initiatives including:
- The NASH & ASH trials, including Interim results of the NASH Phase II trial before end of CY2016
- Increased Travelan/Protectyn marketing and business development initiatives
- Pursuit of C-Difficile Phase I and II trials
- Repayment of Sea Otter Convertible Note
Immuron now has two Phase II clinical programs in fatty-liver (NASH and ASH) and is planning to commence a Phase I/II clinical trial in C. difficile during the latter part of the year.
These programs aim to address the needs of two large markets with significant unmet needs which offer the potential to generate significant upside for our shareholders.
These important clinical programs are also balanced by growing OTC revenues from the Company’s existing products Travelan and Protectyn, which offers a unique value proposition in the biotech industry.”
In accordance with the revised timetable, the New Shares will be allotted to applicants and shortfall participants of the Rights Issue on Thursday 7th July 2016. The New Shares will commence normal trading on Friday 8th July 2016.
Immuron Ltd (ASX:IMC) (OTCQB:IMROY) is a microbiome company focused on developing and commercializing oral immunotherapeutics for the treatment of a many gut mediated 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, whilst its lead product candidate IMM-124E is in Phase 2b clinical trials for NASH and ASH. 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 market.
For more information visit: www.immuron.com
Certain statements made in this release are forward-looking statements and are based on Immuron’s current expectations, estimates and projections. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance” and similar expressions are intended to identify forward-looking statements. Although Immuron believes the forward-looking statements are based on reasonable assumptions, they are subject to certain risks and uncertainties, some of which are beyond Immuron’s control, including those risks or uncertainties inherent in the process of both developing and commercialising technology. As a result, actual results could materially differ from those expressed or forecasted in the forward-looking statements. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Immuron will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this release except as required by law or by any appropriate regulatory authority.
Company Contact: Thomas Liquard Chief Executive Officer AUS Ph: +61 (0)3 9824 5254 firstname.lastname@example.org Immuron US Investor Relations: Jon Cunningham RedChip Companies, Inc. US Ph: +1 (407) 644 4256, (ext. 107) email@example.com