MELBOURNE, Australia, Sept. 23, 2021 (GLOBE NEWSWIRE) — Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian biopharmaceutical company focused on developing and commercializing oral immunotherapeutic products for the prevention and treatment of gut pathogens, today would like to provide shareholders and the market with an update to our market announcements of 8 June 2021 and 7 July 2021.
The Company has been pursuing a major acquisition of a private biotechnology company focused on the development of innovative vaccine technologies. The Company as a result has been in suspension in order to satisfy (i) the requirements for the combined group (post the acquisition) – including under ASX listing rules 11.1.2 and 11.1.3 and (ii) for requalification of the combined group (post acquisition) under chapters 1 and 2 of the ASX listing rules.
The Immuron Board of Directors considered that this acquisition opportunity would have added significant value to the Company and shareholders potentially delivering a much-needed Australian developed COVID-19 vaccine candidate for commercialization.
The ASX has absolute discretion to re-admit a company to the official list after such a transaction has occurred. After filing with the ASX a detailed ASX In-Principal Advice Application and subsequent lengthy discussions and exchanges with the ASX. ASX advised Immuron that based on the information provided to date, ASX does not currently have sufficient information to enable it to be satisfied that the combined group after the proposed acquisition would meet those requirements under chapters 1 and 2 of the ASX Listing Rules.
Immuron as a result is now unable to satisfy the pre-conditions for this proposed acquisition due to the expiration of the existing contractual timetable and will not proceed with the proposed acquisition in its present form. There are no break fees associated with being unable to satisfy the preconditions existing contractual timetable, however professional fees associated with this transaction over the past 4 months are approximately $450k plus GST (together with customary out of pocket expenses).
Immuron remains focused on its existing business opportunities and the development of our lead drug candidates, currently in clinical development which have the potential to transform the existing treatment paradigms for moderate to severe campylobacteriosis, Enterotoxigenic Escherichia coli (ETEC) infections, travelers’ diarrhea and for Clostridiodes difficile infections. The company is also continuing to pursue its research programs to identify the inhibitory molecule/s in IMM-124E which demonstrated neutralizing activity against the severe acute respiratory syndrome coronavirus-2 (SARS-CoV-2), the virus that causes COVID-19.
As a result of Immuron not proceeding with the proposed acquisition at this time. suspension The suspension of trading in the securities of Immuron Limited (‘IMC’) will be lifted from the commencement of trading on 24 September 2021 Australian Eastern Standard Time and Immuron securities will re-commence trading on the ASX official list.
This release has been authorised by the directors of Immuron Limited.
Dr Jerry Kanellos, Ph.D.
Chief Executive Officer
Ph: +61 (0)3 9824 5254
For more information visit: http://www.immuron.com