Immuron Announces A$5.1M Private Placement to U.S. Fund

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MELBOURNE, Australia, March 13, 2018 (GLOBE NEWSWIRE) --

Immuron Limited (ASX:IMC) (NASDAQ:IMRN), an Australian microbiome biopharmaceutical company focused on developing and commercializing orally delivered targeted polyclonal antibodies for the treatment of inflammatory mediated and infectious diseases, is pleased to announce today that it has finalized a private placement capital raising with a large U.S. institutional investment fund.

Joseph Gunnar & Co., LLC and H.C. Wainwright & Co. acted as exclusive joint placement agents for the offering.

The terms of the private placement will raise Immuron approximately A$5.1 million (before costs of the offer) for the issuance of 13,162,744 new ASX shares at A$0.39 per share, plus three new free-attaching options for every 5 new shares issued resulting in 7,897,647 new options being issued exercisable at A$0.468 per option, expiring 5 years from the date of issue. The placement is expected to complete on March 15, 2018, subject to customary conditions.

Immuron expects this capital raise to secure the future funding needs of Immuron’s other ongoing clinical programs, support marketing initiatives surrounding the Company’s flagship product Travelan, which has already experienced significant sales growth through the first half of financial year 2018, and provide ongoing working capital for the Company.

Immuron’s CEO Dr. Jerry Kanellos commented:

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Globe Newswire: 22:20 GMT Tuesday 13th March 2018

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