Immuron Ltd — Regulatory Filings 2004

May 3, 2004

May 4th 2004

Company Announcement Office Australian Stock Exchange Ltd (ASX) 4^th Floor, 20 Bridge Street Sydney NSW 2000

MARKET ANNOUNCEMENT:

Heading: Anti-Diarrhoea Product Registered by TGA

Anadis is pleased to announce that our anti-travellers diarrheoa product has been successfully registered with the Therapeutics Goods Administration (TGA) and the product is authorised to be sold into the Australian market. This registration is the culmination of many years of work by Anadis, including clinical trials, product development, production scale-up and regulatory approval.

The company has also taken the decision to market the product under it's original name – Travelan, as this name is a more exact description of the product's function.

The projected launch of Travelan initially into the Melbourne market is scheduled for early June of this year

Further product details follow in the attachment to this announcement.

On Behalf Of ANADIS LIMITED

CONOR GRAHAM Managing Director & CEO

Attachment

ANTI - DIARRHOEA PRODUCT REGISTERED BY TGA

Travelan reduces the risk of getting Travelers Diarrhoea (TD) rather than having to treat the symptoms after the condition has begun. Travelan has been shown in medical clinical trials to significantly decrease the risk of TD and the symptoms of gastrointestinal disorders.

Travelan underwent stringent double-blinded, placebo controlled trials in Europe and the USA. The trials showed protection of up to 90% against infection with the type of E.coli that causes TD.

Travelan is derived from milking (dairy) cows that have been preconditioned with a unique vaccine developed by Anadis scientists. This vaccine contains fourteen antigens against the most common eterotoxigenic E. coli that account for the majority of cases of traveller's diarrhea.

Travelers' Diarrhoea, also known as Bali Belly, Montezuma's Revenge, Delhi Belly, Tourist Trot, Aden Gut; is the number one health problem in international travel in terms of frequency and economic impact. TD is an unforgettable experience. The classic case of TD occurs within days of going to a new area. The symptoms are vomiting, abdominal cramps, fever and diarrhoea. In almost a third of TD victims, the symptoms will be severe enough to confine them to bed.

Chances of getting TD increase markedly in certain areas such as South and Latin America; Africa; Middle East; Asia and the Indian Sub-Continent. Areas with poor sanitation $-$ in particular of the water supply $-$ are especially high risk.

The most common causes of TD is the bacterium E.coli, which may be found in drinks, on the outside of fruit and vegetables, on the surface of eating utensils - even in ice blocks. E.coli could be found on fruit in a street side stall and the salads of the best restaurants

The active substances of Travelan are the result of many years of scientific research on natural protection mechanisms. Travelan works to decrease the risk and the effect of TD in several ways.

Bovine Colostrum Powder (BCP). Colostrum is the first milk given by the cow after calving. Because only the first milking is collected and processed for Travelan, the BCP has the highest level of antibodies and other anti-microbials.

Our patented method of collecting and processing the raw product ensures a high concentration of antibody molecules and their stability. BCP has three functions:

• $\mathbf{i}$ Passive immunity: The BCP used in Travelan is harvested from Australian dairy cows that have been immunised with a patented vaccine to produce very high levels of antibodies (specific proteins that bind to the bacteria) against selected surface antigens from 13 of the common strains of Enterotoxigenic E.coli that cause TD. The antibodies bind to these E.coli and inhibit their attachment to the gut wall.
• ii. BCP naturally has high levels of substances that have non-specific anti-microbial properties - including lactoferrin and lactoperoxidase.

iii. BCP naturally contains factors that aid in the relief of symptoms of gastrointestinal complaints.

Anadis is very excited to have its first research based product in the process of being released to the market since research and development began in 1993. Other Anadis projects include Pyloran, which has been clinically proven to reduce infection and symptoms of gastritis and gastric ulcers; and EV71, a project funded by the Taiwanese government against Enterovirus 71, an emerging disease with polio-like symptoms. Bio-Shield 10 a range of "bio-shielding" technologies that can protect delicate molecules, enzymes and proteins, initially targeted for use in the pro-biotic market, and Respiratory Protection technologies, a project in conjunction with the Australian military, initially focused on short-term immediate protection from airborne bacteria such as Anthrax and Plague.

For more information please contact: Conor Graham - Managing Director & CEO Email: conor.g@anadis.com.au

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Arie Nudel - Investor Relations Email: arie.n@anadis.com.au

Tel: +61 3 9358 6388 Fax: +61 3 9358 6399 Email: info@anadis.com.au