Immuron Director resignation

Rhea-AI Summary

Immuron Limited (ASX: IMC; NASDAQ: IMRN) announced the resignation of Peter Anastasiou, effective immediately. Anastasiou, who joined the Board in 2015 and served as Vice Executive Chairman, cited the missed opportunity to invest in a significant Covid vaccine asset as a reason for his departure. Despite this, he expressed confidence in the company's technology and financial standing. The Board commended Anastasiou for his contributions, stating that the company has a strong cash reserve and an exciting project pipeline.

Positive

• Strong cash reserves indicating financial stability.
• An exciting pipeline of projects promising future growth.
• Anastasiou's contributions have significantly strengthened the company.

Negative

• Anastasiou's departure may raise concerns about continuity and leadership experience.
• The resignation creates uncertainty during a pivotal time for the company.

MELBOURNE, Australia, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian biopharmaceutical company focused on developing and commercializing oral immunotherapeutic products for the prevention and treatment of gut pathogens, today received the resignation of Mr Peter Anastasiou.

Mr Anastasiou joined the Board in May 2015 after becoming a major shareholder in 2013 and was appointed Vice Executive Chairman in August 2015 to assist US market development opportunities and supporting key programs at Immuron.

Mr Anastasiou commented that “Small companies rarely get an opportunity to acquire a transformative asset of national significance. Our shareholders have lost a chance to contribute to the advancement of very safe Covid vaccine. As a result, I have decided to step down despite my confidence in Immuron technology and the strong financial position the company is in.”

The Board is enormously grateful to Peter for all of his hard work, energy and expertise over the last few years. He has made a significant contribution in securing Immuron's long term future and leaves the Company in a substantially significantly stronger position than when he joined the Board. The Company’s strong cash reserves and pipeline of exciting projects promise a bright future and we look forward to continuing our relationship with Peter in his capacity as a significant Shareholder.

This release has been authorised by directors of Immuron Limited.

COMPANY CONTACT: Dr Jerry Kanellos, Ph.D. Chief Executive Officer Ph: +61 (0)3 9824 5254 info@immuron.com

For more information visit: http://www.immuron.com

 

FAQ

What prompted Peter Anastasiou's resignation from Immuron Limited?

Peter Anastasiou resigned due to missed opportunities related to the development of a significant Covid vaccine asset.

What was Peter Anastasiou's role at Immuron Limited?

Anastasiou served as Vice Executive Chairman and joined the Board in 2015.

How does the company view Peter Anastasiou's contributions?

The Board expressed gratitude for Anastasiou's significant contributions, noting he has left the company in a stronger position.

What is the financial situation of Immuron Limited post-Anastasiou's departure?

The company maintains strong cash reserves and a promising project pipeline.

What implications does Anastasiou's resignation have for Immuron Limited's future?

His resignation may cause uncertainty regarding leadership continuity during a crucial period for the company's growth.