MELBOURNE, Australia, June 30, 2023 (GLOBE NEWSWIRE) -- Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian based and globally integrated biopharmaceutical company, is pleased to announce the transition of Paul Brennan from Non-Executive Director to Chairman, effective July 1, 2023. Dr Roger Aston will continue on the Board, transitioning from Chairman to Non-Executive Director.
The Board determined that, having successfully steered the Company to US Food and Drug Administration (FDA) approval of two Investigational New Drug Applications (IND) for IMM-124E (Travelan®) and CampETEC (Campylobacter and enterotoxigenic Escherichia coli), the time was now right for Paul Brennan to transition to the role of Chairman as the Company progresses, in parallel, to further commercial development of our lead candidates and a commitment to pursue organic and M&A growth strategies. Immuron is focusing on increasing penetration of existing products in existing markets while seeking to increase product offering, market geographies and sales channels to drive revenue growth and ultimately shareholder value.
CEO Steven Lydeamore said, “On behalf of the entire team at Immuron, I would like to acknowledge Roger’s significant contribution to the Company as Chairman over the past eleven years. His transition to a Non-Executive Director role ensures we will continue to benefit from Roger’s guidance as Phase 2 trials progress for our lead candidates.”
Mr Brennan joined Immuron as a Non-Executive Director in March 2022, and has extensive experience in the health system through his clinical background and commercial exposure with various multinational companies. Mr Brennan was Chief Executive Officer (CEO) of PolyNovo Limited (ASX:PNV) for seven years from 2015 to 2021 and took the company from a market capitalisation of $30M to a high of $2B. Prior to this Mr Brennan was Marketing Director Australia and New Zealand and Sales Director New Zealand for Smith & Nephew Healthcare for six years.
Commenting on his appointment as Chairman, Mr Brennan said: “I am looking forward to the Chairman appointment at such a pivotal time for Immuron, with the Company having made significant progress in utilising its proprietary technology platform to develop a novel class for orally delivered polyclonal antibodies for the treatment of infectious diseases, and with the Company recently implementing its plan to realise the full potential of its commercial product, Travelan®.”
“I am excited to support and work with Steven to drive the business towards achievement of its strategic objectives. In the next twelve months the Company anticipates significant milestones including completion of at least two clinical trials and FDA submission of an IND for IMM-529 for Clostridioides difficile (CDI). CDI can cause life-threatening diarrhoea and is the leading healthcare-related gastrointestinal infection in the world. The global CDI market was estimated to increase to $1.7B by 2026 according to a report by GlobalData. As international travel continues to increase and the Company implements its strategies to increase market penetration and market expansion, strong revenue growth is anticipated to continue into FY24.”
This release has been authorised by the directors of Immuron Limited.
Chief Executive Officer
Ph: +61 (0)3 9824 5254
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.
For more information visit: http://www.immuron.com