Immuron Ltd. priced a public offering of 500,000 American depositary shares at $4 each.
Each ADS represents 40 ordinary shares of Immuron. The company expects $2 million in gross proceeds from the offering which will be used for the development of its clinical candidates and for working capital.
The offering is expected to close on May 29.
ThinkEquity, a division of Fordham Financial Management Inc., is acting as the representative of the underwriters in the offer who have an option to buy an additional 75,000 ADSs to cover any overallotments.
Australia's Immuron develops therapies for inflammatory-mediated and infectious diseases.