Exhibit 99.1
Immuron
Board Relinquish Cash Payment of Fees
Melbourne,
Australia, April 27, 2020: Immuron Limited (ASX: IMC; NASDQ: IMRN), an Australian biopharmaceutical company focused on developing
and commercializing oral immunotherapeutics for the treatment of gut mediated diseases, today announced that the cash payments
of Board fees will be suspended and replaced with Immuron stock.
As
announced to the market on 25 March, 2020 the Board and Executive Management reported that significant cost reductions measures
have been implemented to preserve the Company’s cash position. As part of these measures, with Immuron’s Board of
Directors (‘the Board’) have resolved, for the foreseeable future, to relinquish cash payments of fees and in lieu
of same receive common stock in the Company. The issue of these shares to Directors will be subject to obtaining the necessary
approvals under the ASX Listing Rules, the Corporations Act and all other regulatory requirements.
At
this stage, the Board proposes to issue such shares to Directors up to a value of AUD $250k and for these to have an issue price
of $0.08 which has been calculated as a premium to the 5 day VWAP from 25 March 2020.
In
addition to the above issue of Shares, the Board, consistent with its remuneration policy has resolved to establish a pool of
9 million unlisted options to be allocated among Directors. This will be subject to shareholder approval. The proposed exercise
price of such options will be $0.12 per option calculated as 145% of the 5 day VWAP above. Such Options shall be exercisable within
48 months of the date of their issuance.
All
necessary Shareholder approvals will be sought at the next Shareholders meeting of the Company
Executive
management has also been proactive in examining opportunities to supplement the Company’s cash reserves and in this regard
has applied for the various funding schemes offered by the Australian and United States Governments to which the Company is entitled.
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COMPANY
CONTACT:
Jerry
Kanellos, Ph.D.
Chief
Executive Officer
Ph:
+61 (0)3 9824 5254
info@immuron.com |
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About
Immuron
Immuron
Limited (ASX: IMC, NASDAQ: IMRN), is an Australian biopharmaceutical company focused on developing and commercializing orally
delivered targeted polyclonal antibodies for the treatment of inflammatory mediated and infectious diseases. Immuron has a novel
and safe technology platform with one commercial asset generating revenue. In Australia, Travelan® is a listed medicine on
the Australian Register of Therapeutic Goods (AUST L 106709) and is indicated to reduce the risk of Travellers’ Diarrhea,
reduce the risk of minor gastro-intestinal disorders and is antimicrobial. In Canada, Travelan® is a licenced natural health
product (NPN 80046016) and is indicated to reduce the risk of Travellers’ Diarrhea. In the U.S., Travelan® is sold as
a dietary supplement for digestive tract protection in accordance with section 403 (r)(6) of the Federal Drug Administration (FDA).
For
more information visit: http://www.immuron.com
FORWARD-LOOKING
STATEMENTS:
This
press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to,
any statements relating to our growth strategy and product development programs and any other statements that are not historical
facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties
that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual
results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain,
perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and
development activities; risks relating to the timing of starting and completing clinical trials; uncertainties relating to preclinical
and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the
early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual
property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking
to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations
or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
