Immuron Ltd — Regulatory Filings 2003

May 18, 2003

HEADING : ANADIS RECEIVES FURTHER AUSINDUSTRY RESEARCH GRANT

Anadis Limited is pleased to announce that the company has received a further grant of \$118,280 in addition to the \$406,000 already granted under the Commonwealth "START" grant from AusIndustry.

These grants, now totaling \$525,203, will further assist Anadis in the development of a nutraceutical product based on the company's expertise with Helicobacter pylori, the causal agent of stomach ulcers and gastric carcinoma.

As mentioned in the company's March 11, 2003 announcement this project is derived from Anadis' experience and intellectual property in :

• passive immunity
• vaccine manufacture
• protein shielding technology
• formulation
• and manufacturing.

The project development strategy is built around a growing intellectual property portfolio. The project aim is to spin out a series of nutraceutical products for marketing in the short term.

The product development, to be completed by August 30, 2004, will involve scientists and technicians based at Melbourne University, the Murdoch Children's Research Institute, the Alfred Hospital, Frei University in Rotterdam and Anadis' own facility.

For further information contact:

Conor Graham, CEO or Grant Rawlin, General Manager, R&D Ph: 03 935863388, Fax: 03 93586399, Email: info@anadis.com.au