Immuron closes $9.6m rights issue

Immuron (ASX:IMC) has closed a $9.66 million rights issue, leaving a substantial shortfall to be taken up by the offer’s underwriters.

The company received acceptances totalling 368.1 million shares, compared to the 1.93 billion that had been offered.

The renounceable rights issue allowed existing shareholders to subscribe for 11 new shares for every six shares they own, at an issue price of $0.005 per share.

Underwriter Patersons Securities has been issued a shortfall notice for the remaining shares. The rights issue was fully underwritten.

“With our financing now drawing to a conclusion, we are excited to embark on the next stage of the company’s development,” Immuron CEO Amos Meltzer commented.

He said that now it has the funds available, Immuron is “working intensively” to commence phase IIb trials of liver disease treatment candidate IMM-124E in nonalcoholic steatohepatitis (NASH). Immuron submitted an IND application for the drug with the US FDA in 2011.

“In parallel, we continue to expand the Travelan franchise and we are progressing our Clostridium difficile pre-clinical program,” Meltzer added. Travelan is Immuron’s OTC treatment for travellers’ diarrhoea.

Immuron (ASX:IMC) shares were trading unchanged at $0.005 as of around 1.30 pm on Wednesday.