MELBOURNE, Australia, May 05, 2022 (GLOBE NEWSWIRE) -- Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian biopharmaceutical company focused on developing and commercializing oral immunotherapeutics for the prevention and treatment of gut mediated pathogens, is pleased to announce the appointment of Steven Lydeamore as Chief Executive Officer (CEO) of the Company effective 27 June 2022.
Mr. Lydeamore has 30 years international pharmaceutical experience, working in Australia, Canada and USA. Mr. Lydeamore brings valuable international experience having spent eleven years working at Canadian global pharmaceutical company Apotex Inc., and four years for Mayne Pharma (USA) Limited. This includes valuable experience in mergers and acquisitions, finance, business development, sales and marketing, manufacturing, and research and development. Mr. Lydeamore was most recently Chief Executive Officer (CEO) of Anatara Lifesciences Limited (ASX:ANR), during which time the company successfully transitioned from a preclinical to a clinical company following development of a gastrointestinal tract delivery technology from which two products have commenced human clinical trials.
Commenting on his appointment, Steven Lydeamore said, “I am excited to be joining Immuron and look forward to working closely with the team to grow the Company’s opportunities. There are opportunities to grow sales of Immuron’s two commercialized products, Travelan® and Protectyn® and opportunities to further develop Immuron’s intellectual property portfolio. Immuron has a patented and validated technology platform from which two products, IMM-124E and IMM-529 entered trials in SARS-CoV-2 and Clostridiodes difficile, respectively. There are opportunities for expanded use of Travelan® which is presently in clinical trials for traveler’s diarrhea and research into additional infectious diseases through various divisions of the U.S. Department of Defense.”
Dr. Roger Aston, Non-Executive Chairman, said, “we are delighted with the appointment of Steven as CEO as he brings an extensive background that includes the development and commercialization of technology, business development, strategic planning, mergers and acquisitions and more.”
Upon Mr. Lydeamore’s appointment Dr. Jerry Kanellos, who has been interim CEO for the last two years will resume the role of Chief Operating Officer. The Board would like to thank Jerry for his efforts during a very difficult trading period. Pending Steven Lydeamore commencing his duties, Non-Executive Director Paul Brennan will take on a consultancy role within the Company with a particular focus on the anticipated upcoming Travelan® trials in the USA and the Company’s interactions with the FDA.
For the purpose of ASX Listing Rule 3.16.4, a summary of the material terms of Mr. Lydeamore’s employment agreement is set out in Appendix 1.
This release has been authorized by the directors of Immuron Limited.
COMPANY CONTACT:
Dr Jerry Kanellos, Ph.D.
Chief Executive Officer
Ph: +61 (0)3 9824 5254
info@immuron.com
About Immuron
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 infectious diseases.
Appendix 1: Summary of material terms of executive employment contract
| Commencement Date | 27 June 2022 |
| Term | Appointment on an ongoing basis subject to customary probationary period and termination by either party (see termination and notice below). |
| Total Fixed Remuneration | $415,000 per annum base salary reviewed annually, plus statutory superannuation. |
| Incentive Remuneration | Subject to shareholder approval: • 1.43 million unlisted options with a nil purchase price, exercise price of 145% of the 5-day volume weighted average price (VWAP) on Commencement Date, with an expiry date of 4 years after grant date. The terms of this scheme are set out in the Omnibus Incentive Plan. |
| Termination and Notice | The Company or the CEO may terminate the agreement in the first 6 month with 3 months’ notice. The Company or the CEO may terminate the agreement by providing 6 months’ notice thereafter. The Company may elect, at its discretion, to make payment in lieu of notice. |
| Restraints | Mr. Lydeamore’s employment agreement contains standard terms and conditions for an agreement of this nature, including confidentiality, restraint on competition and retention of intellectual property provisions. |
