Immuron (ASX:IMC) has executed a funding agreement with a New York-based Investment Fund to provide $1.7 million in funding.
The company said the financing will be used to fund the immediate start of the clinical phase for IMM-529 in Clostridium difficile which recently completed a successful pre-clinical program.
It will also be used to accelerate sales and marketing initiatives for Travelan in the US, as well as continue raising awareness of the company in US investment markets.
The investment is structured in 3 tranches with a mix of equity financing and convertible securities.
Deputy Executive Chairman and shareholder Peter Anastasiou, said: “This attractive capital injection fits within our long-term strategy to drive more investments and liquidity out of the US. This short-term financing will run parallel to the Company’s ongoing US Investor strategy which will unlock further value for shareholders.”
Immuron CEO, Thomas Liquard, said: “We received many offers for funding, we chose this Investment Fund as they give priority to bridging companies that are targeting a US listing, as well as the attractive terms of their investment and their knowledge and experience in the Australian equities markets. This funding will allow us to continue executing our business plan and push forward aggressively on our IR activities in the US and other markets to enhance the awareness of our outstanding platform and highly compelling programs which will benefit all of our shareholders.”