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Investor Presentation January 2014

Chief Executive Officer - Amos Meltzer

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ORAL IMMUNOTHERAPY
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Certain statements made in this presentation are forward-looking statements and are based on Immuron’s current estimates and Words such as expectations, projections. "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance" and similar expressions are intended to identify forward-looking statements.

Although Immuron believes the forward-looking statements are based on reasonable assumptions, they are subject to certain risks and uncertainties, some of which are beyond Immuron’s control, including those risks or uncertainties inherent in the process of both developing and commercializing technology. As a result, actual results could materially differ from those expressed or forecasted in the forward-looking statements.

The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Immuron will not undertake to release any obligation publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or events after the date of this as unanticipated occurring presentation except required by law or by any appropriate regulatory authority.

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Safe and proven technology platform
Rich product pipeline
Travelan[®] approved and already in market generating sales
Revenues growing and set to accelerate.
2[nd] product: Fatty liver / NASH
an expected off-label use $3.2B market by 2016 in the US alone with no current treatment
Very positive Phase I/IIa results
FDA granted IND for Phase IIB trials for NASH
Red hot focus on companies developing NASH after Intercept Pharmaceuticals recently leapt from $1.5B to $8.5B on positive NASH trial.
3[rd] product: Preventative treatment for C. diff bowel infections.

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Section 1
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Company Overview

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New Cornerstone investors




ASX Code					IMC


Shares on Issue					1,053,679,310

Current Share price					1.0 c

Top		20 holders			55.4%



Rank	Name						Units (m)	% of Units
1.	GRANDLODGE PTY LTD						101.6	9.8

2.	MR PETER ANASTASIOU +		MRS KRISTINE PATRICIA ANASTASIOU				66.7	6.4
3.	CHIMAERACAPITAL LIMITED						65.0	6.3
4.	HADASIT MEDICAL RESEARCH SERVICES & DEVELOPMENT LTD						59.2	5.7
5.	FIFTY-FIFTH LEPRECHAUN PTY LTD						50. 0	4.8
6.	CAPITAL CONCERNS PTY LIMITED						34.9	3.37
7.	MR DAVID ANTHONY PLUSH				+ MRS ANN LOUISE PLUSH		33.4	3.22
8.	G & N LORD SUPERANNUATION PTY LTD						20.4	1.97
9.	INSYNCINVESTMENTSPTY			LTD <WEEKLEYSUPER FUND		NO1 A/C>	19.0	1.83
10.	MR HAMISH SALMON + MRS BRIGETTE MCGUIRE						16.0	1.55

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Board and Management
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Chairman - Dr Roger Aston

Founding CEO of Mayne Pharma Group; experience with FDA and EU product registration, clinical trials, global licensing agreements & fundraising

Non-executive Director – Daniel Pollock

Internationally experienced lawyer with significant commercial expertise in new market entries into overseas markets, distribution agreements and corporate start-ups.

Non-executive Director – Stephen Anastasiou Extensive experience in general management, marketing and strategic planning in the healthcare industry, formerly with KPMG.
Chief Executive Officer – Amos Meltzer

Technology commercialisation specialist with over 18 years experience in a diverse range of life science and other businesses.

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The Platform
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Points of Difference
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Product Other roducts p Natural product � Synthetic product

Natural product
Powerful systemic immuno-modulatory � Immune modulation can be achieved
effect
� Does not suppress immunity � Can suppress immunity
Proven: no side effects or toxicity
Easily tolerated by patients
Some side effects or toxicity
Not easily tolerated by patients
Polyclonal Abs combat infectious diseases � Monoclonal Abs are strain specific
effectivel y
Oral administration
Oral administration
Longer and substantially more costly
� Rapid Development Cycle development
HIC: multiple regulatory pathways, multiple � Ordinarily: one regulatory pathway
revenue streams

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Indication		Research	Pre-Clinical	Phase I	Phase II	Phase III	Market
Traveller’s
Diarrhea

NASH
(IMM-124E)

ASH
(IMM-124E)

Clostridium difficile
infection

Other Projects:
Related to Liver
Related to IMM-124E
And other indications

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Section 2
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TRAVELAN

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TRAVELAN
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The last 3 years
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Unique: Prevents travellers’ diarrhoea

All other products are treatments and typically start to provide benefits only 48-72 hours after the onset of an attack

All Natural
Accessible: over-the-counter.
It works: Clinically proven, >90% efficacy

Traveller’s diarrhoea market estimated between $600M and 1.2B globally

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TRAVELAN
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In Market, the last 3 years
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Takeda shed its License
License with Takeda
pharmacy sales force Termination
6,000
5,000
4,000
3,000
2,000
1,000
0
TRAVELAN
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
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TRAVELAN
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Australia
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Previous arrangement:

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Current arrangement (from July 2013):

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Immuron is commanding substantially higher margin

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TRAVELAN
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Going Forward
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Approved
In Discussion
In Discussion
Various
stages of<br>regulatory<br>
process
<br>Licensed In Discussion<br>
In Revenue `
Proceeding through
13
regulatory process
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Section 3
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IMM-124E for NASH

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NASH
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How big is the opportunity?
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Intercept Pharmaceuticals (NASDAQ: ICPT) $1.5B before more than quadrupling overnight on NASH trial results

What this mean for Immuron:

Market cap: $8.5B

Scientifically

NASH is addressable

Commercially

January 9, 2014: Announces successful results in NASH clinical trials

There is a huge, unmet opportunity.
• NASH on the radar.

Comparison:

Intercept’s drug increases bad cholesterol, reduces good cholesterol
Immuron’s drug has shown to do the opposite.

Market cap: $1.5B

Immuron may still be best in class

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NASH
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The Epidemic
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NASH – An Epidemic of

NCID : >25M AMERICANS WILL HAVE NASH BY 2025

THERE IS NO APPROVED DRUG

ESTIMATE: OFF-LABEL MARKET ~$2B

Fatty liver: one of most common liver diseases in the industrialized world

Non-Alcoholic Steatohepatitis (NASH): the most severe form of liver injury in the spectrum of non-alcoholic fatty liver disease

Chronic Inflammatory Disease, associated with Obesity, Type II Diabetes (insulin resistance), Hyperlipidemia

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1 in 5 NASH patients develop liver cirrhosis Leads to liver cancer

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IMM-124E for NASH
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Ready to go: Phase 2B trial
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Based on existing technology:

Mature manufacturing process
High Safety profile

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IND cleared by the FDA: Immuron set to commence clinical trials Preparations under way

Investigators identified

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IMM-124E has been independently validated: selected as only 1 of 3 products to be studied for alcoholic steatohepatitis (ASH) under a fully funded NIH TREAT study

NASH remains a very large unmet medical need of significant interest to the medical profession and the pharmaceutical industry

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IMM-124E for NASH
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Mechanism of Action
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Oral Immunotherapy: An approach to treating autoimmune, infectious and inflammatory disease through the oral delivery of antibodies

Scientific support for Immuron’s approach continues to grow

Immuron has the right product at the right time

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Clinically Proven
120.0 120.0
INTRODUCTION 100.0 100.0
9.0 Day Day
• disorder associated with insulin resistance and hepatic steatosis. Metabolic syndrome is a chronic inflammatory 80.060.040.0 80.060.040.0 8.07.06.05.0 101054 49.01% CD4 1 5.66% 30
• Anti LPS colostrum ( Imm124-E) is a bovine 20.00.0 20.00.0 4.03.0 103
colostrum raised against LPS from an E.coli Day 1 Day 30 Day 1 Day 30 2.0 102
extract. Administration of Imm122-E improved cholestatic liver enzymes levels (7/10 Pt. p<0.002) 1.0 -101 44.94% 0.39%
0.0
• Imm124-E was shown to exert an 10.0 Day 1 Day 30 -102100102 CD25 - PE103 104 105
immunomodulatory effect and to alleviate Increased N. of CD4+CD25+ cells (7/10 Pt. p<0.001)
target organ damage in animal models. 10.0 8.0 3.5 Day 1 Day 30
• Aim: To determine the safety and efficacy of 8.0 6.0 3.0
oral administration of anti LPS colostrum to 6.0 4.0 2.5
patients with insulin resistance and NASH. 4.0 2.0
2.0 2.0 1.5
0.0 0.0 1.0
0.5
METHODS Day 1 Day 30 Day 1 Day 30 0.0
• In an open-label trial, 10 subjects with biopsy proven NASH and insulin resistance or Improvement in HBA1C levels (9/10 Pt. p<0.001) 8.0 Improvement in FGT levels (6/10 Pt. p<0.06) Increased N. of CD4+CD25+FOXp3 cells (7/10 Pt. p<0.001) Day 1 Day 30
diabetes type II were orally treated for 30 days with Imm124-E (600 mg a day). 1000 7.06.05.0 5.04.0 Day 1 Day 30
• Subjects were monitored for serum levels of 500 4.03.0 3.0
insulin, adiponectin, and GLP-1 and for the 2.0
0
changes of expression in peripheral 1.0 2.0
regulatory T cells (Tregs). Day 1 Day 30 0.0
Day 1 Day 30 1.0
• Clinical effect was evaluated by: OGTT, liver Improvement in early insulin secretion (6/10 Pt. Improvement in cholesterol levels 9/10 Pt.
p=0.07) p<0.05)
enzyme, and lipid profile. The comparison 8.0 14 0.0
was done between day 1 and day 30 for each patient. 6.0 1210 Increased N. of CD4+CD25+HLA-DR Day 1 Day 30 cells (8/10 Pt.p<0.001)
4.0 8
• 6
Data analysis was carried out on responders. CONCLUSION
2.0 4
2
RESULTS 0.0 0 • Oral administration of Imm124-E exerts an
immunomodulatory effect in subjects with insulin
100.0 70.0 Day 1 Day 30 Day 1 Day 30 resistance or type 2 diabetes, hyperlipidemia and
80.0 60.0 Improvement in LDL levels (8/10 Pt.p=0.07) Improvement in GLP1 secretion (6/10 Pt. NASH.
50.0 10000 p=0.07)
60.0 40.0 8000 60.0 • The anti-inflammatory effect and promotion of
40.0 30.0 50.0 peripheral Tregs, were in some of the responders
20.0 6000 40.0 associated with alleviation of insulin resistance and
20.0
10.0 4000 30.0 NASH in these subjects.
0.0 0.0 2000 20.0
Day 1 Day 30 Day 1 Day 30 0 10.00.0 DISCLOSURE
Administration of Imm124-E improved hepatocellular liver Day 1 Day 30 Day 1 Day 30 * Medical Director of Immuron.
enzymes levels p<0.04. Increased Adiponestin secretion (8/10 Pt.p=0.08) Increased N. of CD4+CD62+ cells (6/10 Pt. The study was supported by Immuron Ltd, Australia
p<0.002)
AP levels (u/L) GGT levels (u/L)
C D 4 - F IT C
ga te d c e lls (% )
C
1
b A
H FPG (mmol/L)
gated cells (%)
l ) M/dL) µ
a fte r i n (p g / m )
Cholesterol levels (
I n s u l i n l e v e l s 3 0 m
g a te d c e lls (%
M/dL) µ 3(pM, X10)
Serum GLP-1
Serum LDL (
L T le v e ls (u /L )
A A S T le v e ls (u/L)
gated cells (%)
Adiponectin (ng/ml)
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Section 4
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R&D PIPE LINE

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Clostridium difficile (C.diff): a bacteria normally found in people’s intestines.
Certain circumstances C.diff can multiply and its toxin causes illness such as diarrhoea & severe inflammation of the bowel.

C.diff infection accounts for:

considerable increases in length of hospital stays.
more than US$3.2 billion in health care costs each year in the United States.

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IMM-529 for Clostridium Difficile
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Very encouraging results to date
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IMM-529 under collaboration with Monash University
All data owned by Immuron
IMM-529 demonstrated positive pre-clinical results:
Encouraging preventative data

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Treatment effect currently being investigated
Proprietary vaccine given to cows being improved

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Section 5
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LOOKING AHEAD

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----- Start of picture text -----

2013: THE ACHIEVEMENTS
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April rights issue: high net worth investors who provide a lot of
New Shareholders support
Direct-to-wholesale model in Australia, increase revenues
� Regulatory approval in Canada

Travelan: continue commercialization

Regulatory progress in licensed territories
� Discussions in various territories progressing
Continue preparation for Phase IIb Clinical trial

Fatty Liver / NASH

ASH trial cleared by FDA
� Industry (potential partner) interest

Clostridium difficile and other projects

Very encouraging preventative result. Treatment studies ongoing.
� A number of promising applications, including for orphan conditions

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----- Start of picture text -----

LOOKING AHEAD
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----- Start of picture text -----

What we are seeking to achieve
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Financial Strength � Improve balance sheet

Travelan: continue commercialization

More licenses
More revenue

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Commence Phase IIb Clinical trial

Fatty Liver / NASH

Partner
Progress to the clinic with another product

Progress R&D

A number of promising applications, including for orphan conditions

We continue to nurture and benefit from strong partnerships with our R&D collaborators and with our commercial partners.

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Section 6
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SUMMARY

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THE OPPORTUNITY
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Immuron presents a unique opportunity:

The present:

The near term future:

The rich pipe line:

Current market cap of ~$10M can be justified based on the company’s in-revenue Travelan business alone.

Revenues are

growing and set to accelerate.

Addressing large unmet medical need in red hot area: NASH / fatty liver .

Positive Clinical results

Potential: Orders of magnitude greater than the value of the Travelan business.

Substantial support for this therapeutic from clinical results, key opinion leaders and the NIH.

Immuron’s technology supports a rich pipeline of products.

The time to market for Immuron’s products is accelerated on account of the high safety profile and the various . regulatory options

The infrastructure:

Experienced Management Team Supportive shareholders Immuron’s retains control of its production.

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THE OPPORTUNITY
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Thank you

Contact Amos Meltzer – Chief Executive Officer Ph: 0437 587 680

AI assistant

Immuron Ltd Investor Presentation 2014

35121_rns_2014-01-21_e942be9f-373a-4bf3-999c-f21d91a8f5d1.pdf

Chief Executive Officer - Amos Meltzer

Company Overview

Product Other roducts p Natural product � Synthetic product

TRAVELAN

Previous arrangement:

IMM-124E for NASH

Intercept Pharmaceuticals (NASDAQ: ICPT) $1.5B before more than quadrupling overnight on NASH trial results

What this mean for Immuron:

Scientifically

Commercially

Comparison:

NASH – An Epidemic of

THERE IS NO APPROVED DRUG

Immuron has the right product at the right time

R&D PIPE LINE

C.diff infection accounts for:

LOOKING AHEAD

SUMMARY

Immuron presents a unique opportunity:

The present:

The near term future:

The rich pipe line:

Revenues are

The infrastructure:

Thank you

AI assistant

Immuron Ltd — Investor Presentation 2014

35121_rns_2014-01-21_e942be9f-373a-4bf3-999c-f21d91a8f5d1.pdf

Chief Executive Officer - Amos Meltzer

Company Overview

Product Other roducts p Natural product � Synthetic product

TRAVELAN

Previous arrangement:

IMM-124E for NASH

Intercept Pharmaceuticals (NASDAQ: ICPT) $1.5B before more than quadrupling overnight on NASH trial results

What this mean for Immuron:

Scientifically

Commercially

Comparison:

NASH – An Epidemic of

THERE IS NO APPROVED DRUG

Immuron has the right product at the right time

R&D PIPE LINE

C.diff infection accounts for:

LOOKING AHEAD

SUMMARY

Immuron presents a unique opportunity:

The present:

The near term future:

The rich pipe line:

Revenues are

The infrastructure:

Thank you

More from Immuron Ltd

Immuron Ltd Investor Presentation 2014