Immuron Ltd — Regulatory Filings 2007

Jan 16, 2007

January 17th, 2007

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

Dear Sir/Madam

Please find herewith a company announcement "Anadis to Establish U.S. Subsidiary" for release and distribution to the market immediately.

Yours sincerely

CONOR GRAHAM Managing Director & CEO

Establishing US Subsidiary US Commercialisation Subsidiary to Capitalise on R&D

Australian biopharmaceutical company Anadis Limited (ASX:ANX) is pleased to announce the signing of an agreement to establish a US subsidiary. This fully owned subsidiary will leverage on the Anadis $R\&D$ programs, expanding commercial and research programs, establishing commercial partners and gaining access to public and private funding within the important US market.

Anadis Ltd will utilise the services of BioVance Medical LLC to provide the management for this new entity being established during the first half of 2007, through a primarily options based compensation arrangement. BioVance Medical has experience and expertise in pharmaceutical development and commercialisation and links into the US research and pharmaceutical community and the Israeli clinical trial system.

BioVance Medical will also provide strategic advice in capital raising and funds procurement through private and public equity sources, and research and development granting agencies, particularly in the US. The principals of BioVance Medical LLC have over 35 years of experience between them in the areas of Health Care, Capital Markets and Product Commercialisation.

Programs

The R&D programs to be concentrated on for further expansion into this market include:

• $\bullet$ Influenza A virus program focussing on prevention and treatment
• Nosocomial infections program in particular, Clostridium difficile and MSRA $("golden staph")$
• BioDefence program respiratory protection against anthrax, plague and other bio-warfare agents.
• Travelan antibodies for the treatment of inflammatory bowel disease and irritable bowel syndrome (IBD and IBS)

On establishment of the US subsidiary, Anadis will appoint the two principles of BioVance Medical LLC to operate the US subsidiary. Dr. Zeil Rosenberg is to be appointed Managing Director and Dr. Oren Fuerst is to be appointed Chief Financial Officer.

Zeil Rosenberg, MD, MPH

Dr. Rosenberg is a recognized physician-leader and business executive with 20 years of achievement in the global healthcare industry. He served for 8 years at Becton Dickinson & Co. as Worldwide Business Leader and Medical Director for Immunization where he led a dedicated global team responsible for development, commercialization, and marketing of a broad portfolio of specialized medical devices and systems for safe delivery of vaccines. In the bio-defense arena, Dr. Rosenberg led initiatives

for delivery of bio-defense vaccines and solutions for mass immunization, such as for influenza or smallpox, helping bring new products from concept through clinical studies and into the marketplace.

Prior to joining industry, Dr. Rosenberg was National Director, The Children's Health Fund in New York and Director, Family Health, New York State Department of Health. In the international arena, Dr. Rosenberg served as a national health advisor to the Ministry of Health of Indonesia and as AAAS Science and Diplomacy Fellow at USAID in Washington, D.C. He has worked closely with efforts by UNICEF and the American Red Cross in their global immunization initiatives to eliminate neonatal tetanus and measles. Dr. Rosenberg serves as Chairperson, Committee on Terrorism and Emergency Preparedness at the American College of Preventive Medicine and is on the faculty of Columbia University's Mailman School of Public Health.

Dr. Rosenberg is a Specialty Fellow, American Academy of Pediatrics and Fellow, American College of Preventive Medicine. He earned his MD at the University of California, San Francisco and completed his residency at Cornell University Medical Center. He received his MPH in Epidemiology from Columbia University and BA in Economics from Stanford University.

Oren Fuerst, Ph.D.

Dr. Fuerst brings more than 15 years of experience in strategy and capital markets, serving as a senior financial and strategy advisor to several prominent (including Fortune 500) companies and investors in a variety of sectors.

He is the managing director of Strategic Models LLC, an advisory and investment company based in NYC, and of its joint venture BioVance Medical LLC, which is focused on advancing life sciences technologies.

Dr. Fuerst was on the faculty and served as the co-director of the Technology Strategy and Valuation Executive Program at Columbia Business School, where he also lectured on technology strategy and global valuation. He was a faculty member and fellow at the International Center for Finance at the Yale University's School of Management, lecturing and conducting research on International Investments and Management Systems.

Prior to these, he was with the capital markets advisory group of KPMG Israel, and was a feature columnist for leading financial newspapers (including the Financial Times), advising and writing extensively on strategy, technology and investments. He served as a commander in the elite Technology unit of the Israeli Defense Forces (IDF).

Dr. Fuerst is the co-author of the books "From Concept to Wall Street" (Financial Times-Prentice Hall, 2003) and "Startup Companies and Venture Capital" (Tel Aviv University Press, 2001). He holds B.A. degrees in Economics and Accounting from Tel-Aviv University (dual Magna Cum Laude), and both Masters and Ph.D. degrees from Columbia Business School, where his theses were on the topics of game theory and global equity markets.

For further information, please contact:

Conor Graham - Chief Executive Officer Email: conor.g@anadis.com.au Tel: $+61393586388$ Arie Nudel – Investor Relations Email: arie.n@anadis.com.au Tel: $+61393586388$

About Anadis Limited:

Anadis, a Melbourne based biopharmaceutical company is focused on Nutraceutical and Pharmaceutical research and development. Anadis is a specialist in the development of Dairy (bovine) colostrum derived products for therapeutic use in humans. Projects include:

Anadis' first commercialised product: Travelan is a natural product, which significantly decreases the risk of the medical condition known as Travellers Diarrhoea and the symptoms of gastrointestinal disorders. Travelan is a colostrum preparation, against the common strains of $E_{\text{col}}$ – the most common cause of Travellers.

Travelan which has received a "Green Light' for sales in North America, now has US and Canadian distributors appointed. Travelan distribution is currently being developed for other markets including: Singapore, India, Korea, United Arab Emirates, Thailand, Malaysia, South Africa and the UK and EU.

Travelan has recently been potentially identified for additional gastrointestinal indications including Irritable Bowel Syndrome IBS and Inflammatory Bowel Disorder IBD.

For more information please visit www.travelan.com

$EV-71$ - a bioactive protein based preventative product against Enterovirus 71, a debilitating polio like disease, is one of the viruses that causes 'hand, foot and mouth' or 'slapped cheek' disease. A significant proportion of younger children effected can develop nervous signs such as fits, paralysis and Enterovirus $71$ has the potentially to be fatal. Anadis is now preparing colostrum antibodies for commercialisation in an anti-EV71 preventative, set to begin marketing in Taiwan during the northern hemisphere summer of 2007.

A set of Bio-Defence and Respiratory Protection technologies, a project in conjunction with the Australian Department of Defence and US Bio-Defence Organisations, initially focused on short-term immediate protection from airborne bacteria such as Anthrax and Plague, future civilian applications include Hay Fever and Asthma.

This project is expanding to examine the use of antibodies in providing respiratory protection against Influenza virus.

Bio-Shield 10 a range of "bio-shielding" technologies which protect delicate molecules, enzymes and proteins, initially targeted for use in the pro-biotic market.

Development into an Immune Stimulating Infant Formula is underway, initially destined for the Asian market.

Pyloran, which has been clinically proven to reduce levels of H.pylori bacteria in the stomach and reduce the symptoms of H.pylori associated gastritis - Anadis is also in early development of a H.pylori vaccine.

Anadis - Delivering On The Promise Of Biotechnology

Visit our websites: www.anadis.com.au and www.travelan.com