Immuron (ASX: IMC) will raise A$1.86 million in a fully underwritten renounceable pro-rata rights offer.
The company is offering three new shares for every two shares held at $0.003 per share under the rights offer, which is being fully underwritten by Patersons Securities.
Immuron will issue around 621.3 million shares.
The company is advancing the development of its pipeline of oral immunotherapeutic products.
Most recently, Immuron further demonstrated the effectiveness of its IMM-529 in preventing the antibiotic-associated infection, Clostridium difficile, in mice.
Clostridium difficile is the most serious cause of antibiotic-associated diarrhoea (AAD) and can lead to a severe infection of the colon that often results from eradication of the normal gut flora by antibiotics.
Additional studies are planned to investigate IMM-529’s efficacy in treating Clostridium difficile post-infection, as well as to support patent applications and a human clinical trial.
Immuron could begin clinical trials as early as this year.
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