Immuron (IMRN) Announces $20 Million Registered Direct Offering of ADSs

Immuron Limited (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 $18.75 per ADS. The closing of the offering is expected to occur on or about July 23, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be approximately $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 clinical programs, support marketing initiatives surrounding the Company’s flagship product Travelan and provide ongoing working capital for the Company.

The 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.

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