Immuron prices underwritten public offering

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Immuron (ASX:IMC), an Australian biopharmaceutical company focused on developing and commercialising oral immunoglobulin therapeutics for the treatment of gut mediated diseases, has announced the pricing of an underwritten public offering of 339,130 American Depositary Shares, or ADSs.

The company said each ADS represents forty (40) ordinary shares of the Company. In addition, each ADS is being offered at a public offering price of US$4.

The company also said it has granted the underwriter a 45-day option to acquire an additional 50,869 ADSs to cover any overallotments in connection with the offering. The offering is expected to close on 19 July.

ThinkEquity, a division of Fordham Financial Management, is acting as the representative of the underwriters in the offering. 

Immuron said it estimates gross proceeds to be approximately US$1,356,520 prior to deducting underwriting discounts, commissions and other estimated offering expenses. It intends to use the net proceeds for expenses associated with the clinical development of its clinical candidates and working capital.