Immuron appoints a new CEO to lead it into the future
Former Chairman, President and CEO of NASDAQ listed Synergy Pharmaceuticals Inc. Dr. Gary Jacob will join Immuron Limited (ASX:IMC) as its new CEO.
Dr. Jacob took Synergy public in 2008, raised over US$500 million and led Synergy’s interactions with investment bankers, biotechnology analysts, institutional fund managers and regulatory agencies.
As the former CEO and co-founder of Synergy, Dr. Jacob also co-invented TRULANCE®, an FDA approved drug that treats chronic GI disorders.
Immuron’s new CEO brings over 30+ plus of experience to the role and will assist in regulatory and scientific advancements, whilst guiding IMC’s research and product development into commercialisation.
Immuron is an Australian microbiome biopharmaceutical company focused on developing and commercialising oral immunotherapeutics for the treatment of many gut mediated diseases.
Chairman of Immuron, Dr. Roger Aston said of the appointment, “We have been looking for the best qualified industry executive that had both the skills in development and commercialisation but also the track record with investment institutions across the biotech and pharmaceutical space. We are confident that Gary covers these prerequisites and we are looking forward to having him join the Company to help drive the transition phase of Immuron and its key research and products.”
Dr Jacob is looking forward to joining Immuron, “I have been following the considerable progress that Immuron has made over this past year, and I am excited to be able to bring my industry expertise to the Company at this key stage of its development.
“I see tremendous opportunity with the delivery platform that Immuron has so successfully developed for its polyclonal antibodies product series. There is a substantial potential global market for Immuron’s technology, and I am confident that we can grow the Company’s global footprint within this important space.”
Dr Jacob joins Immuron at a time when Australian sales of its Travelan product continue to grow.
The company expects a Q1 CY19 figure of AU$340,000, representing a 3% increase on the previous year. Importantly, September sales reached $142,000 representing a 20% increase on the same month last financial year.
Global Immuron Limited sales for Q1 2019 reached AU$482,000 which is a 2% increase on the same quarter of last financial year.
It is also a time when its NASH trials seem to be flourishing.
Just a few days ago, Immuron presented IMM-124E NASH clinical study findings at the American Association for the study of Liver Disease. A copy of the presentation titled “IMM-124E Improves Metabolic Endotoxemia and Markers of Liver Injury in Non-Alcoholic Steatohepatitis” can be downloaded at www.immuron.com.
The company’s focus since reporting the topline results of the study in March this year has been on completing the final clinical study report and working with its contract research organization partners to complete the final analysis of the data generated, and additional tests currently being performed.
The final clinical study report should be completed by the end of this year and the plan is to submit it in the new year according to the FDA Code of Federal Regulations (42 CFR Part 11) – Clinical Trials Registration and Result Information Submission guidelines.
Dr. Jacob who replaces interim CEO Dr. Jerry Kanellos, who moves into the role of Chief operating Officer, will be a key component in dealing with the FDA.
More about Dr. Jacob
As well as his role with Immuron, Dr. Jacob will continue to serve as Chairman of ContraVir, a Nasdaq-listed antiviral company located in Edison, NJ. He is also a director of Trovagene, Inc., a Nasdaq-listed public company located in San Diego, CA which is focused on the development of drugs to treat cancer.
Dr. Jacob earned a B.S. cum laude in Chemistry from the University of Missouri – St. Louis, and holds a Ph.D. in Biochemistry from the University of Wisconsin-Madison. He followed his Ph.D. with a postdoctoral fellowship at the IBM T.J. Watson Research Center in Yorktown Heights, NY. He is the recipient of an honorary Doctor of Science degree from the University of Missouri–St. Louis, and was recently honoured as a Distinguished Alumnus of the University.