Immuron Limited

February 22, 2016

Market Data

Fiscal Year June
Industry Biotech
Market Cap A$30.60M
Price/Earning (ttm) N/A
Price/Book (mrq) 9.0x
Price/Sales (ttm) 27.2x
Insider Ownership 30.2%
Shares Outstanding 76.4M
Equity Float 47.1M
Avg. Volume (3 mo.) 13,574
As of February 22, 2016

Income Statement Snapshot

Revenue (LFY) A$1.1M
Net Loss (LFY) ($3.4M)

Balance Sheet Snapshot

Cash(LFY) A$3.1M
Debt (LFY) $0.0M

Immuron Ltd is an Australian biopharmaceutical company focused on immunotherapy using dairy-derived antibody products for humans. Immuron has a unique and versatile technology platform that is capable of generating a wide range of products, all with a high safety profile. The versatility of Immuron’s platform technology enables the development of medicines that target a large range of medical needs, including infectious diseases, immune mediated disorders, and cancers. The versatility is also a function of the dairy origin of Immuron’s antibodies, which enables Immuron to commercialize its platform derived products through a range of regulatory pathways, including prescription (Rx), medical foods, over-the-counter (OTC) medicines, and dietary supplements. The Company has received clearance from the FDA to commence a Phase IIb clinical trial for its nonalcoholic steatohepatitis (NASH) product (IMM-124E), a potential blockbuster, in less than three years from commencing its NASH R&D program. Additionally, Immuron has two marketed products (Travelan, for the prevention of travelers’ diarrhea, and Protectyn, a dietary supplement that may help prevent gut dysbiosis, improve bacterial clearance, reduce chronic inflammation and improve immune function) and a pipeline of products at various stages of clinical and earlier development.

Immuron’s platform technology is based on natural dairy-derived antibody products with low costs, a high safety profile, and multiple different regulatory pathways to market, minimizing risk while maintaining significant upside potential from prescribed drugs. Immuron is in phase II clinical trials for NASH (Australia and U.S.) and ASH (U.S.). NASH therapies are estimated at a $40 billion global market by 2025, and significant valuations have been afforded to companies in phase II trials for NASH. Intercept Pharmaceuticals had positive phase II results for NASH, leading to an increase in market cap from $1.5 billion to $6.6 billion. Additionally, companies such as Galectin Therapeutics ($32.7 million), Conatus Pharmaceuticals ($38.0 million), Galmed Pharmaceuticals ($55.4 million), and Genfit SA ($771.1 million), are in phase II trials for NASH and have valuations higher than Immuron. Based on an NPV analysis of the Company’s Travelan and Protectyn (dietary supplement) products, along with its IMM-124E in NASH and ASH, and IMM 529 in C. difficile we are valuing the Company at A$1.85 per share.

  • Current revenue generated from Travelan, an all-natural OTC product for the prevention of travelers’ diarrhea
    • Global market estimate of between $600 million - $1.2 billion
    • Currently licensed in the U.S., Australia, Canada, South Africa, Latin America, and a number of countries in SE Asia
    • In various stages of the licensing process in South Korea, India, and China

  • Currently recruiting patients for a Phase IIb clinical trial for NASH (IMM-124E)
    • In prior clinical trials, IMM-124E has led to improved liver enzymes, an improved Metavir fibrosis score, decreased serum triglycerides, and decreased portal inflammation
    • 5% of the U.S. population develop NASH, and 25% of the U.S. population have NAFLD, a precursor to NASH
    • NASH therapies are estimated at a $40 billion global market by 2025

  • Recruiting for a phase II trial for ASH; the trial is a multi-center, USA based trial run by the Nash CRN Group and funded by the National Institute of Health

  • Developing IMM 529 to prevent and treat Clostridium difficile infections
    • Preclinical results showed 80% efficacy for the prevention and treatment of C. difficile, and 77.8% prevention of infection recurrence in C. difficile in mice

Company Website

Investor Contact Info:
RedChip Companies, Inc.
1017 Maitland Center Commons Blvd.
Maitland, FL 32751
(407) 644-4256



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