MELBOURNE, Australia, May 05, 2022 (GLOBE NEWSWIRE) — Immuron Limited (ASX:IMC; NASDAQ:IMRN), an Australian biopharmaceutical company specializing in the development and commercialization of oral immunotherapies for the prevention and treatment of pathogens to intestinal mediation, is pleased to announce the appointment of Steven Lydeamore as Chief Executive Officer (CEO) of the Company effective June 27, 2022.
Mr. Lydeamore has 30 years of international pharmaceutical experience, working in Australia, Canada and the United States. Mr. Lydeamore brings valuable international experience having spent eleven years with Canadian global pharmaceutical company Apotex Inc. and four years with 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 until recently Chairman and 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 the development of a gastrointestinal tract delivery technology from which two products have begun human clinical trials.
Commenting on his nomination, Steven Lydeamore said: “I am delighted to join Immuron and look forward to working closely with the team to grow the company’s opportunities. There are opportunities to increase sales of Immuron’s two marketed 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 Opportunities exist to expand the use of Travelan® which is currently undergoing clinical trials for travellers’ diarrhea and research into other infectious diseases through various divisions of the US Department of Defense.
Dr Roger Aston, Non-Executive Chairman, said: “we are excited about Steven’s appointment as CEO as he brings a wealth of experience that includes technology development and commercialization, business development, strategic planning, mergers and acquisitions and more.”
Upon Mr. Lydeamore’s appointment, Dr. Jerry Kanellos, who served as interim CEO for the past two years, will take over the role of Chief Operating Officer. The Board would like to thank Jerry for his efforts during a very difficult period of bargaining. Pending the arrival of Steven Lydeamore, Non-Executive Director Paul Brennan will assume a consulting role within the company with a particular focus on the upcoming anticipated trials of Travelan® in the United States and the interactions of the company with the FDA.
For purposes of ASX Listing Rule 3.16.4, a summary of the material terms of Mr. Lydeamore’s employment contract is set forth in Appendix 1.
This release has been authorized by the directors of Immuron Limited.
Dr. Jerry Kanellos, Ph.D.
Chief executive officer
Such. : +61 (0)3 9824 5254
Immuron Limited (ASX: IMC, NASDAQ: IMRN), is an Australian biopharmaceutical company focused on the development and commercialization of targeted orally administered polyclonal antibodies for the treatment of infectious diseases.
Appendix 1: Summary of Material terms of executive job Contract
|Beginning Date||June 27, 2022|
|Term||Appointment on a rolling basis subject to the usual trial period and termination by either party (see termination and notice below).|
|Total Fixed Compensation||$415,000 per year, base salary reviewed annually, plus statutory retirement pension.|
|Incentive compensation||Subject to shareholder approval:
• 1.43 million unlisted options with a zero purchase price, a strike price of 145% of the 5-day volume-weighted average price (VWAP) on the start date, with a expiry of 4 years after the grant date.
The terms of this plan are set out in the Omnibus Incentive Plan.
|Termination and notice||The Company or the CEO may terminate the contract within the first 6 months subject to 3 months’ notice. The Company or the Managing Director may terminate the contract subject to 6 months’ notice thereafter. The Company may elect, at its discretion, to make payment in lieu of notice.|
|Constraints||Mr. Lydeamore’s employment contract contains standard terms and conditions for an agreement of this nature, including confidentiality, restriction of competition and retention of intellectual property provisions.|