Announcement PDF www.immuron.com Immuron Limited Developing Unique Oral Immunotherapies that Fundamentally Change the Paradigms of Care May 2017 ASX:IMC Forward Looking Statement Certain statements made in this presentation are forward-looking statements and are based on Immuron’s current expectations, estimates and projections. Words such as “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 any obligation to release publicly any revisions or updates to these forwardlooking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority. Free Writing Prospectus Statements Immuron Limited (ASX:IMC) This presentation contains a “free writing prospectus,” or a portion thereof, required to be filed by us with the Commission or retained by us pursuant to Rule 433 under the Securities Act of 1933, as amended, or the Act. This presentation highlights basic information about us and the offering. Because it is a summary, it does not contain all the information you should consider before investing. We have filed a registration statement (including a prospectus) with the SEC for the offering to which this presentation relates. The registration statement has not yet become effective. Before you invest, you should read the prospectus in the registration statement (including the risk factors described therein) and other documents we have filed with the SEC for more complete information about us and the offering. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. The preliminary prospectus, dated May 5, 2017, is available on the SEC website at http://www.sec.gov. Alternatively, we or any underwriter participating in the offering will arrange to send you the prospectus if you contact Joseph Gunnar & Co., LLC. Attention: Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004. Telephone: 888-248-6627, E-mail: prospectus@jgunnar.com. 3 Offering Summary Immuron Limited (ASX:IMC) Offering  Size US$8,750,000  o f  American  Depository  Shares  (ADSs)  and  Warrants Ordinary  Shares  are  listed  o n  the  ASX  u nder  the  symbol  IMC Exchange/Ticker Applied  to  list  the  ADSs  and  Warrants  o n  the  NASDAQ  Capital  Market  u nder the  s ymbols  “IMRN”  and  “IMRNW”,  respectively Warrants  Offered 50%  Warrant  coverage.    Each  Warrant  will  have  an  estimated  p er  ADS  exercise price  o f  125%  of  the  p er  ADS  p ublic  o ffering  p rice,  will   be  exercisable immediately  and  will   expire  five  years  from  the  d ate  o f  issuance. Use  of  P roceeds Clinical   development  o f  IMM-­‐124E  (fatty  liver),  IMM-­‐529  (C.  difficile)   and  o ther general  corporate  p urposes Joint  Book-­‐Runners Joseph  Gunnar  &  Co.  and  Rodman  &  Renshaw,  a  u nit  o f  H.C.  Wainwright  &  Co. Co-­‐Manager WallachBeth Capital,  LLC 4 Investment Highlights • Clinical  stage  biopharmaceutical  company  targeting  inflammatory-­‐mediated   and infectious  diseases  with  oral  immunotherapies • Lead  program,  IMM-­‐124E,  in  Phase  2  development  for  the  treatment  of  multiple   high value  indications,   including   NASH,  ASH  and  Pediatric NAFLD - NASH  Phase  2  interim  data  expected  3Q  2017  with  topline  results  expected  4Q  2017 - National  Institutes  of  Health  (NIH)  funding  Phase  2  studies  in  ASH  and  pediatric NAFLD • IMM-­‐529,  biologic   with  unique   triple  mechanism  of  action  for  treatment  of  C.  difficile expected  to  commence  Phase  1/2  study  in  2Q  2017 • Well  positioned   to  address  high   unmet  medical  need  in   multiple  blockbuster  markets • High-­‐value  peer  licensing  deals  and  M&A  underscore  potential  upside • Company  plans  to  uplist  to  NASDAQ  in  2Q  2017 • Experienced Management   Team  and  strong  support  from   leading  KOLs  and institutions  (NIH,  DoD) 5 Experienced Management Team Thomas Liquard Chief Executive Officer Dan Peres, MD Chief Medical Officer Mr. Liquard spent the majority of his career at Pfizer in New York in various commercial leadership positions, and was also COO, then CEO, of Alchemia Limited, an oncology ASX biotech company. Dr. Peres, a surgeon by training, has deep experience in liver diseases and clinical development, including NASH, having worked for leading Medical Devices and Pharma companies since 2008. Jerry Kanellos, PhD COO & Scientific Officer Reza Moussakhani Manufacturing Quality Director Dr. Kanellos has over 20 years of experience in the pharmaceutical and biotech industries including CMC, operations and BD. He has held senior roles at CSL and Transbio Limited. Mr. Moussakhani has extensive experience in implementation of project/quality and process improvements, including with Hospira and Sigma Pharmaceuticals. 6 Prominent Scientific Advisory Board and Leading Research Partners Advisory Board Dr. Arun Sanyal (MD) University of Virginia Dr. Stephen Harrison (MD) San Antonio Military Medical Center Brooke US Army Medical Center Former President of the AASLD. Current Chair of the Liver Study Section at the NIH. IMM-124E lead PI. Internationally renowned expert in NASH. Lead PI of Galectin’s GR-MD-02’s Phase 2 trial. Dr. Gerhard Rogler (MD, PhD) Zurich University Dr. Miriam Vos (MD) Emory University Dr. Dena Lyras (PhD) Monash University Professor Rogler is a leader in the field of colitis and has authored more than 200 original peer-reviewed articles. Dr. Vos specializes in the treatment of gastrointestinal disease in children, as well as fatty liver disease and obesity. Dr. Lyras is one of the world’s leading experts in C. difficile. Organizations 7 Dr. Manal Abdelmalek (MD) Duke University Medical Center Dr. Abdelmalek is a leading investigator in the field of NASH. Oral Immunotherapy: Scalable, Disruptive Technology 1 2 3 Vaccines Are Developed Antibodies Are Harvested from Colostrum Broad Therapeutic Effect Antigen Specific Antibodies (IgG and IgG1) + Induction of regulatory T-cells • Reduced gut and blood pathogens responsible for initiating inflammation + • Reduces systemic inflammation • Lowers organ injury Clearance of Targeted GUT Pathogens • Not associated with general immune suppression • Generally Regarded as Safe (GRAS) Adjuvants • Platform capable of spawning multiple drugs à Long-term value creation Competitive Advantage • Regulated as biologics by the FDA à 12 years exclusivity in the US for each approval • Significant hurdles to generic biosimilar entry à No pharmacokinetic baseline; Mixture (e.g., Copaxone) • Safety established à Generally Regarded As Safe (GRAS) 8 Immuron’s Clinical Programs Multiple Near-Term Inflection Points Program Indications Development  Stage Pre-­‐Clinical Phase  1 Phase  2 Phase  3 Program  H ighlights Anti-­‐Inflammatory  Programs IMM-­‐124E NASH -­‐ Interim   data  expected  3Q  2017 -­‐ Topline   results  expected  4Q  2017 IMM-­‐124E ASH -­‐ NIH  F unded;   UVA -­‐ Topline   results  expected  2018 IMM-­‐124E Pediatric  NAFLD -­‐ NIH  F unded;   Emory  University -­‐ Topline   results  expected  1H  2018 IMM-­‐124E Colitis Collaboration   Univ. of  Zurich;   Pre-­‐ clinical  acute  studies  positive   (04/17) IMM-­‐124E Autism Childrens Research  Institute, La  Trobe   &  RMIT  Universities Anti-­‐Infective  Programs IMM-­‐529 C.  difficile Phase  1/2  Expected  to   start  2Q   2017 IMM-­‐124E  / Shigella  Vaccine Shigella Infections Collaboration   with   US  Army IMM-­‐124E Campylobacter; ETEC  Infections Collaboration   with   US  Navy 9 IMM-124E Revolutionary Treatment for NASH NASH (Non-Alcoholic Fatty Liver) Pathophysiology NASH – Pathophysiology • Blood derived antigens (including circulating LPS) determines tolerance vs. inflammation • Kupffer cells play a key role in liver inflammation and fibrosis • Tregs hold a key role in tolerance (homeostasis) • Much like hepatic tolerance the gut immune system can promote antiinflammatory effect Source: Adapted from Cohen-Naftaly; Scott L. Friedman, 2011 11 IMM-124E in NASH (Non-Alcoholic Fatty Liver) • Broad anti-inflammatory mechanism of action - Targeted LPS antibodies - Upstream Effect: LPS-TLR4 pathway - Downstream: Anti-inflammatory through both innate and adaptive immune systems (e.g., the induction of regulatory T-cells to control and inhibit excess inflammation) • Strong anti-fibrotic effect demonstrated with CCl4 model • Unique competitive profile due to safety/MOA: - Addresses multi-factorial nature of NASH - Potential for broad combination use - Safety profile supporting of long-term chronic use - Potential to expand to mild/moderate populations • Market exclusivity (biologics; high barriers to generic biosimilar entry) 12 IMM-124E – Uniquely Positioned to Address Large Unmet Need of $35B Market (2030) NAFLD Up to 145M People F0 • No regulatory pathway currently exists for NAFLD NASH Cirrhosis 25M People 1.2M people F1 F2 17M People • Up to 50% of the US population are thought to have NAFLD F4 8M People Intercept (OCA) Tobira (CCR2/CCR5) Galmed (Aramchol) Genfit (Elafibranor) • Drug would need to be extremely safe to be considered for trial / approval • NAFLD not available to current competitors due to safety profile F3 Galectin (GR-MD-02) IMM-124E • Only asset in development that, due to its safety profile: - Can potentially target all spectrum of the disease including mild/moderate patients - Likely can be used in combination with any other agents currently in development - No safety concerns to date that could limit chronic / long-term use 13 IMM-124E: Fatty-Liver Portfolio – 3 Phase 2 Trials Three Ongoing Phase 2 Programs: NASH, ASH and Pediatric NAFLD • Lead Principal Investigator: Arun Sanyal; Former President of AASLD (American Association for the Study of Liver Diseases) and current Chair of the Liver Study Section at the NIH (National Institute of Health) • Multi-center, double-blinded, placebo controlled trial; 25 sites running in US, Australia and Israel NASH • Fully recruited: 134 patients with biopsy proven NASH • Primary endpoint: changes in liver fat content confirmed by MRI; changes in ALT (liver enzymes) • 3 arms: placebo, high dose and low dose • Timing: topline results expected by 4Q 2017 • NIH funded; sponsored by University of Virginia ASH • Expected enrollment: 66 patients • Endpoint: ALT • Timing: topline results expected in 2018 • NIH funded; sponsored by Emory University Pediatric NAFLD • Expected enrollment: 40 patients • Endpoint: ALT; 3 months treatment • Timing: topline results expected in 1H 2018 14 IMM-124E – Summary of Data Prevention of Fibrosis and Improvement in Metabolic/Inflammatory Markers CCl4 Fibrosis Studies Ob-Ob Mice Phase 1/2 Clinical Studies • Carbon-Tetrachloride (CCl4) a non-disease related fibrosis model • Aim: To demonstrate effects of IMM-124E on Fibrosis caused by Intraperitoneal CCl4 • Results: - Marked reduction in Liver Fibrosis and Inflammation on Histology - Marked reduction on Liver Damage markers (i.e. ALT, Bilirubin etc.) - Marked reduction in Liver Activated Macrophages (F4/80 high) • Model represents the Metabolic syndrome • Aim: To demonstrate the effect of IMM-124E or anti-LPS IgG (derived from IMM-124E) • Results: - Anti-LPS IgG considerable reduces ALT level - Improved metabolic status for IG and IMM-124E treated mice (i.e. TG, Fasting Glucose and OGTT) - Anti-inflammatory shift: Decreased TNF-α and increase splenic NKT cells • Aim: To show safety and efficacy of IMM-124E Biopsy Proven NASH Patients • Population: 10 subjects with biopsy proven NASH and Type 2 Diabetes • Results: - Improved Metabolic status (e.g. HbA1c, HOMA OGTT) GLP1 and Adiponectin - Improved Liver status (e.g. ALT) - Proof of concept: increase in Circulatory Regulatory T-Cell 15 IMM-124E in NASH (Non-Alcoholic Fatty Liver) Liver: • Activated Kupffer cells ↓ (F4/80 macrophages) IMM-124E • Fibrosis and inflammation ↓ Gut: Serum: • Insulin resistance ↓ • Intestinal LPS ↓ • Circulating LPS ↓ • Intestinal permeability ↓ • TGF-β ↑ • Tolerance – Activation of innate system to suppress inflammation (NKT, DC, macrophages) • TNF-α ↓ • IL-2, IL-6, IL-10, IL-12 • Treg ↑ (CD4, CD25, FoxP3) 16 Animal Models: IMM-124E Improves Fibrosis and Inflammatory Markers Decrease Portal Inflammation Improved Metavir Fibrosis Score Group A: Control Group B: Naïve anti LPS Group A: Control Group B: Naïve anti LPS Group C: Treated Group D: Treated Group C: Treated Group D: Treated 3 4 *p<0.02 ^^ p<0.01 2.4 2.5 3.5 3.4 *p<0.0009 ^^ p<0.0003 3 2 2.5 1.4 1.33 1.5 1.8 2 0.66 1 1.5 1 1 0.5 0.5 0 0 0 A B Mizrahi M. 2013, AASLD; Hepatology 751A C D A 17 B C D Animal Models: Macroscopy – Prevents Fibrosis IMM-124E Treated Liver Fibrotic Liver CCl4 (carbon tetrachloride) CCl4 (carbon tetrachloride) IMM-124E Treatment with IMM-124E Prevents Fibrosis and Inflammation Mizrahi M. 2013, AASLD; Hepatology 751A 18 Suppression of F4/80High Macrophages Marked Reduction in Liver Activated Macrophages (F4/80 high) 19 Phase 1/2: Improves Liver Function and Reduces Insulin Resistance Results of a Phase 1/2a clinical trial; N=10 30 Days Treatment Endpoint Met; NO SAFETY ISSUES REPORTED Improved Liver Enzymes Improved HBA1C, OGTT and HOMA Improved Metabolic Status (e.g. HbA1c, HOMA OGTT) GLP1, and Adiponectin and Liver Function (e.g. ALT) Mizrahi M, J Inflamm Res. 2012;5:141-50 20 Phase 1/2: Improves Inflammatory Biomarkers Increased CD4+CD25+FOXP3+ TREGS Day 1 Increased GLP1 and Adiponectin Day 30 Proof of Concept: Increase in Circulatory Regulatory T-Cell Mizrahi M. J Inflamm Res. 2012 21 IMM-124E Key Milestones 3Q 2017 4Q 2017 2018 • NASH Phase 2 interim analysis • NASH Phase 2 Topline Results • NASH-centric transaction after NASH Phase 2 • Results of MOA studies: • Results of MOA studies: • Pediatric NAFLD Phase 2 topline results - SanyalBio - Duke • ASH Phase 2 topline results • Results of colitis pre-clinical studies: 2017/2018 22 IMM-529 Neutralizing Clostridium difficile, but Sparing the Microbiome IMM-529 in Clostridium difficile Infection (CDI) • Biologic with unique triple mechanism of action - Antibodies neutralize the toxin B, the spores and the vegetative cells • Potential to redefine the standard-of-care (SOC) therapy for CDI - Current antibiotic treatments exacerbate recurrence - IMM-529 stops virulence, without impacting the microbiome - Compelling data in all three phases of the disease including (1) prevention of primary disease, (2) treatment of primary disease and (3) prevention of recurrence - Orally administrated, safe • >70% survival rate in CDI mice treated with IMM-529 vs. <7% survival rate in control groups • Potential orphan disease designation; potential breakthrough / fast track designations • Market exclusivity (biologics; high barriers to generic biosimilar entry) 24 IMM-529 for the Treatment of CDI Market Opportunity • Therapeutic market is expected to grow from $356.3 million in 2014 to over $1.5 billion by 2024 – CAGR 15% • Nearly 30,000 patients die each year from C. difficile infections (US) • Potential orphan disease (7 years market exclusivity and premium pricing) • Vancomycin and metronidazole are the current standard of care, accounting for 80% of patient share (US) Unmet Need • However, therapies are plagued by significant CDI recurrences (1st relapse: 25%; 2nd: 40%; 3rd: 50%) underscoring need for new treatments • There is also growing resistance to vancomycin treatment • Highly differentiated – Neutralizes C. difficile but does not impact microbiome IMM-529 Positioning • Only asset that targets not only toxin B but also the spores and the vegetative cells responsible for recurrence • Can be used in combination with standard of care • Targets many isolates Sources: GlobalData, Decision Resources, CDC 25 Triple Action MOA Neutralizing C. difficile; Sparing the Microbiome Spores – Infectious Particles IMM-529 antibodies bind to multiple epitopes on surface antigens on spores and prevent adherence to host cells and limit germination. Heat, ethanol and UV resistant. Survive gastric acid, adhere to cells in the colon and germinate. 1 Vegetative Cells IMM-529 antibodies bind to multiple epitopes on the surface layer proteins (SLP) on vegetative cells and limit colonization. Fimbriae and other surface layer proteins (SLP) contribute to bacterial colonization. Fimbriae are used to adhere to other bacteria and to host cells and is one of the primary mechanisms of virulence Toxin B IMM-529 antibodies bind to multiple epitopes effectively neutralize toxin B, inhibiting toxin mediated epithelial cell apoptosis and limit toxin translocation into the systemic circulation and inflammatory cascades. Toxin B is essential for virulence. Toxin B disrupt the cytoskeleton and tight junctions of intestinal epithelial cells. 26 2 3 S u r v iv a l 100 Demonstrated ~70% survival rate without use of antibiotics vs. 0% for control group P e r c e n t s u r v iv a l U n in f e c t e d , N o t r e a t m e n t In f e c t e d , N o t r e a t m e n t 80 In fe c t e d , N o n - im m u n e Ig G t r e a t m e n t 60 In f e c t e d , IM M - 5 2 9 t r e a t m e n t In f e c te d , V a n c o m y c in tr e a tm e n t 40 20 (P<0.0001) 0 0 .0 0 .5 1 .0 1 .5 2 .0 2 .5 3 .0 3 .5 4 .0 h o u r s p o s t in f e c t io n S u r v iv a l 100 Demonstrated ~80% survival rate without use of antibiotics vs. <7% in control group U n in f e c t e d , N o t r e a t m e n t P e r c e n t s u r v iv a l In f e c t e d , N o t r e a t m e n t 80 In fe c t e d , N o n - im m u n e Ig G t r e a t m e n t In f e c t e d , IM M - 5 2 9 t r e a t m e n t 60 In f e c te d , V a n c o m y c in tr e a tm e n t 40 20 (P<0.0001) 0 0 1 2 3 4 D a y s p o s t in f e c tio n In f e c t e d + S O C 100 90 ** 80 p = 0 .0 0 27 Demonstrated ~80% survival rate vs. ~11% survival rate in control group In f e c t e d + S O C + IM M - 5 2 9 70 60 50 40 30 20 10 (P<0.0027) 0 0 2 4 6 8 10 12 All studies statistically significant Potentially only therapeutic (approved or in development) that can treat all phases of the disease: 1. Prophylaxis S u r v iv a l 110 P e r c e n t s u r v iv a l Relapse Studies Treatment Studies Prevention Studies Results of Pre-Clinical Studies 14 16 18 20 D a y s a f te r v a n c o m y c in tr e a t m e n t c e a s e d 27 2. Treatment 3. Recurrence Phase 1/2 Study Design Phase 1/2 Study in CDI Expected to Commence 2Q 2017 • Phase 1/2, randomized, double blind, placebo-controlled clinical study of IMM-529 for the treatment of CDI • 60 subjects to be enrolled up to 3 weeks of definitive diagnosis of CDI (at least 20 subjects to be enrolled within the first 72 hours) • Subjects randomized to IMM-529 or placebo in a 2:1 ratio • Treatment duration: 28 days on top of SOC (vancomycin / metronidazole) • Follow-up: 3 months • Primary objective: To evaluate the safety and tolerability of IMM-529 together with standard of care (SOC) in patients with CDI • Secondary objective: To evaluate the effectiveness of IMM-529 together with SOC to treat patients with CDI 28 IMM-529 Key Milestones 2Q 2017 • Clinical supplies manufacturing 2018 • Topline results expected from Phase 1/2 study in CDI • Initiation of Phase 1/2 Trial in CDI 29 Corporate and Financial Overview Robust IP and Extended Market Protection • 6 patent families offering composition and/or method of treatment claims Strong Patent Portfolio Extended Market Exclusivity Generic Protection • Approved / pending in major geographies including US, Europe, Japan and China • Granted patent terms ending between 2024 and 2030 with possible extensions • Immuron’s drugs are considered “biologics” by the FDA • In the US, this is expected to confer Immuron’s new drugs 12 years of market exclusivity, offering investors a long revenue tail • Immuron’s drug not absorbed in the blood • No baseline for PK studies • This results in lengthy process for biosimilar manufacturers 31 Recent High-Value NASH LM&A Highlights Potential for Significant Upside • Focused on advancing IMM-124E and IMM-529 through key clinical inflection points while pursuing partnering opportunities • Recent licensing and M&A partnerships in NASH underscores potential of IMM-124E • 2016:   Licensed  preclinical NASH  asset • 2015:   Acquired  Phenex • ~$50M   upfront  +  other undisclosed  m ilestones • NASH  asset  in  Phase  2 • 2016:   Acquired  Tobira • 2014:   Acquired  Nimbus • ~$530M   (5x  m arket  cap  at time  of  announcement),  in  a deal  valued  at  up  to  $1.7B • $400M upfront  in  a  deal   valued  at  $1.2B • Total  deal  value  $470M • 2015:   Acquired  Pharmaxis • 2014:   Acquired  Lumena • NASH  asset  in  Phase  1 • 2  Phase  2  assets  for  NASH and  cholestatic  liver  disease • $39M   upfront  – Total  deal value  $600M • Preclinical  assets  and  platform 32 • Total  deal  value  $260M NASH and C. difficile Comps Indicate Potential for Substantial Growth Company Ticker Program Development  Stage Market  Cap* Program  in  NASH ICPT Obeticholic  acid Phase  3 US$2.9B GNFT Elafibranor Phase  3 US$1.1B CNAT ENCORE-­‐LF Phase  2 US$195M Program  in  C.  Difficile MCRB SER-­‐109;  SER-­‐262 Phase  2 US$423M SMMT SMT19969 Phase  1 US$143M ASMB ABI-­‐M101 Preclinical US$419M *As of May 4, 2017 33 Company Capitalization – Pre-Offering Pre-­‐Offering Ordinary Shares Pre-­‐Offering “ADSs Equivalent”1 Shares 103,641,417 2,591,035 Options2 33,177,523 829,438 Warrants 0 0 136,818,940 3,420,473 Immuron Limited Total 1. 2. Each  ADS  is  equal  to  40  ordinary  shares Options  -­‐ Weighted  average  exercise  p rice:  AUD$0.544 34 Use of Funds – Net of Raise Fees Programs Use  of  Funds IMM-­‐124E  – Advance  the  clinical  development   of  IMM-­‐124E  for  the treatment  of  fatty-­‐liver  diseases.    Funds   sufficient  to  complete  our Phase  2  clinical  programs  in  NASH,  ASH  and  Pediatric  NASH $3,000,000 IMM-­‐529 – Advance  development   of  IMM-­‐529  and  complete  our   Phase  1/  2  in  patients  suffering  from  recurrent  CDI $1,100,000 Other Clinical   – Support  other  programs  including   colitis  pre-­‐clinical program  and  collaboration  with  the  US  Army  and  US  Navy $1,000,000 Corporate  Activities – Fund   manufacturing  costs  of  clinical  supplies   and Travelan,  current  and  feature  R&D  activities,   Business   Development activities,  marketing  initiatives  for  Travelan  in  the  United  States  and Australia, for  working  capital  and  other  general  corporate  purposes $2,138,000 • Total 35 • $7,238,000 (net of fees) Travelan OTC/Business A unique Preventative Treatment for Traveler’s Diarrhea • Travelan/OTC: unique value proposition that is valued by consumers and customers - Up to 90% effective in preventing traveler’s diarrhea - Significantly reduces the motility of ETEC strains - Binds to multiple epitopes and antigens on both the bacterial surface and flagella - Has substantially greater reactivity against purified ETEC flagella antigen than IgG purified from nonimmune colostrum powder • Annual Revenues of AU$1M+; Cash flow positive - Net revenues: 1H2017 +41% vs 1H2016 - Pursuing new geographies - Potential WW peak sales: $20M+ - Global traveler’s diarrhea market estimated at $600M • Multiple ways to keep growing OTC business: - Continued penetration of current markets - Geographic expansions - New products / new formulations (e.g., shigella) 36 Key Milestones Expected to Drive Value 2Q 2017 3Q 2017 4Q 2017 • IMM-529 - Clinical supplies manufacturing - Initiation of Phase 1/2 Trial in CDI • IMM-124E - NASH Phase 2 interim analyses - SanyalBio – NASH MOA • IMM-124E - NASH Phase 2 topline results - Duke – NASH MOA • Uplist to NASDAQ 2018 • IMM-124E - NASH centric transaction - Pediatric NAFLD Phase 2 topline results - ASH Phase 2 topline results • IMM-529 - Topline results expected from Phase 1/2 study in CDI Results from colitis preclinical studies and Army and US Navy trials expected 2017/2018 37 Investment Highlights ü Targeting  inflammatory-­‐mediated  and  infectious  diseases  with  oral  immunotherapies ü Lead  program,  IMM-­‐124E,  in  Phase  2  with  key  data  readouts  before  year  end ü Phase  1/2  study  IMM-­‐529  for  treatment  of  CDI  expected  to  commence  2Q  2017 ü Well   positioned  to  address  high  unmet  medical  need  in  multiple  blockbuster  markets ü High-­‐value  peer  licensing  deals  and  M&A  underscore  potential  upside ü Plans  to  uplist  to  NASDAQ  in  2Q  2017 ü Experienced  Management  Team  with  strong  support  from  leading  KOLs  and  institutions 38 Thank You