Immuron (ASX:IMC) has announced it will not proceed with a previously announced acquisition of a private company focused on the development of vaccine technologies.
The company announced the planned acquisition in June.
"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 COVID19 vaccine candidate for commercialization," said the company in a statement.
The company now says, following "lengthy discussions and exchanges" with the ASX, it is now unable to satisfy the pre-conditions for this proposed acquisition due to the expiration of the existing contractual timetable. It said it will not proceed with the proposed acquisition in its present form.
"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," said the company.
As a result of Immuron not proceeding with the proposed acquisition at this time, the ASX will lift the suspension and Immuron securities will re-commence trading on the ASX official list.