aibioImmuron to issue 45,472,000 shares at AUD 0.07910 in placement
Tickers IMC
The 45,472,000 shares are sold to US investors through the company's at-the-market facility, according to a note in the filing. The filing names no lead manager or underwriter.
Key facts
- Company
- Immuron Limited (ASX: IMC)
- News type
- Financings
- Primary source
- Immuron Limited 6-K (2025-12-04)
Immuron Limited, an Australian company listed on the ASX as IMC and quoted on Nasdaq as IMRN, notified the ASX on December 4, 2025 of a proposed issue of 45,472,000 fully paid ordinary shares at AUD 0.07910 each, paid in cash. In its Appendix 3B, filed with the SEC as an exhibit to a Form 6-K, Immuron calls the deal a placement. The shares are in an existing class and rank equally with the shares already on issue. The proposed issue date is December 5, 2025. The notice does not state a total dollar amount for the issue.
Terms and placement capacity
No outside approvals or conditions apply before the issue can go ahead on an unconditional basis. Immuron is not seeking shareholder approval for the entire issue. It is using its placement capacity under the ASX listing rules instead: 18,650,003 shares fall under its 15% capacity and 26,821,997 shares under its additional 10% capacity. Asked why it chose a placement over a pro rata issue or a security purchase plan that existing holders could join, the company answered "Quick access to capital."
No party covered by listing rule 10.11 is taking part, no shares are restricted securities and none is subject to voluntary escrow. The issue carries no attaching securities. The company gave the purpose as further research and development activities and ongoing working capital.
Who sold the shares, and who is named
The notice says there is no lead manager or broker for the issue and that it is not underwritten. It leaves the line for other material fees and costs blank. Even so, a note in the filing says the shares were purchased by US investors from Immuron's US at-the-market facility, managed by H.C. Wainwright & Co., and calls it "a low fee, no discount facility." The filing gives no fee rate. H.C. Wainwright & Co. is the only bank named, and the filing names no counsel for the placement or the facility. The filing also says any resale within 12 months will comply with the secondary sale provisions of the Corporations Act, through publication of a cleansing notice.
The company and its products
Immuron was incorporated in Victoria, Australia, in 1994 as Anadis Limited and took its present name in December 2008. Its ordinary shares have been listed on the ASX since April 30, 1999, and its American depositary shares have traded on the Nasdaq Capital Market since June 13, 2017. In its annual report on Form 20-F, filed on September 25, 2025, it describes itself as an Australian biopharmaceutical company developing and commercializing orally delivered targeted polyclonal antibodies for inflammatory and infectious diseases.
Its revenue comes from products rather than approved drugs. It markets Travelan and Protectyn in Australia, where both are listed medicines. Travelan is also sold in Canada as a licensed natural health product and in the United States as a dietary supplement. The company reports sales of Travelan and Protectyn of A$7.3 million in the fiscal year to June 30, 2025, against A$4.9 million the year before and A$1.8 million two years earlier. Travelan sales in Australia were A$5,201,385 in fiscal 2025, in the United States A$1,658,336 and in Canada A$378,706.
The report says Immuron has two lead drug candidates entering the clinical development phase, aimed at Clostridioides difficile infections, enterotoxigenic E. coli infections and travelers' diarrhea. It also says development of its CampETEC product has been discontinued. Immuron anticipates launching ProIBS, a European certified medical device for symptoms of irritable bowel syndrome, in Australia in the first quarter of calendar year 2026.
What the filing leaves open
The notice and the annual report extract give no net loss, cash balance or cash used in operations, so the money raised cannot be set against the company's spending. The 20-F says colostrum, the one raw material with volatile pricing, swings with dairy market conditions. The notice gives no market price, so its "no discount" description cannot be tested.