What Immuron does

Immuron Limited is a commercial and clinical stage Australian biopharmaceutical company that develops and commercializes orally delivered polyclonal antibodies derived from a proprietary hyper-immune bovine colostrum platform. Cows are immunized with pathogen-specific vaccines before calving, and the first post-partum milking colostrum is harvested to produce IgG antibodies that resist stomach acid and digestive enzymes, allowing targeted action against enteric pathogens within the gastrointestinal tract without entering the bloodstream. The company is listed on the ASX (IMC) since 1999 and on NASDAQ (IMRN) since 2017, headquartered in Blackburn North, Victoria, with a registered office in Carlton.

The commercial portfolio centers on Travelan, an over-the-counter immune supplement listed on the Australian Register of Therapeutic Goods (AUST L 106709) for reducing the risk of travelers' diarrhea, and ProIBS, a clinically proven IBS symptom relief product (Aust L 482225) containing the proprietary AVH200 Aloe Vera extract launched in Australia in December 2025; the legacy Protectyn product has been discontinued in favor of Travelan. The clinical pipeline includes IMM-529, which received FDA IND approval in November 2025 for a Phase 2 trial in Clostridioides difficile infection targeting a projected US$400 million annual revenue opportunity, and IMM-124E (the Travelan active ingredient) with positive Phase 2 interim results supporting an end-of-Phase 2 meeting with the FDA. Research collaborations span the U.S. Department of Defense (US$3.5 million research agreement, August 2024), Naval Medical Research Command, Walter Reed Army Institute of Research, CSIRO, Monash University, University of Melbourne, Tréidlia Biovet, NIH, and Uniformed Services University.

The business model combines direct-to-consumer e-commerce (immuron.com.au and Amazon), retail pharmacy distribution in Australia and Canada (Jean Coutu), and government/non-dilutive research funding. FY26 global sales reached A$7.7 million (up 6% year-over-year) following a 49% YoY jump to A$7.29 million in FY25, with Australia contributing A$5.8 million and the USA US$1.2 million. Pricing ranges from A$19.99 to A$43.95 per pack in AUD, and the company remains unprofitable with H1 FY26 net loss of A$1.92 million (improved from A$2.49 million in the prior year) and an A$10 million cash position following a A$7.3 million ATM facility raise in 2025.

Name

Immuron

Legal name

Immuron Limited

Website

https://immuron.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

Immuron Limited is a commercial-stage Australian biopharmaceutical company developing orally delivered polyclonal antibodies from hyper-immune bovine colostrum to treat gastrointestinal diseases. It markets Travelan for travelers' diarrhea and ProIBS for IBS, and is developing IMM-529 for C. difficile infection.

Ownership category

akta.pro rank

Product category

Oral Polyclonal Antibody Therapeutics

NAICS

Food (Health) Supplement Retailers (456191)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Immunoglobulins & Passive Immunization Biologics (IVIG, hyperimmune globulins, antitoxins) (HLAAAEAH)

Keywords

• Oral polyclonal antibodies
• Bovine colostrum therapeutics
• Travelers diarrhea prevention
• IBS symptom relief
• Gastrointestinal biopharmaceuticals

Headquarters

HQ city

Carlton

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Commercial Product Sales: Revenue from direct sales of commercial products including Travelan (travelers' diarrhea prevention), ProIBS (IBS symptom relief), and Protectyn (gut and liver health). Products sold through e-commerce, pharmacies, and retail stores in Australia, USA, and Canada.
2. Government Research Funding: Research agreement funding from U.S. Department of Defense (approximately $3.5 million) for development of improved Travelan formulation targeting enteric bacteria like Campylobacter, Shigella, and E. coli for military protection.
3. Clinical Development Partnerships: Strategic partnerships with U.S. Department of Defense, Naval Medical Research Command, and Walter Reed Army Institute of Research for co-development of hyper-immune therapeutics targeting military-relevant pathogens.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Immuron develops and commercializes orally delivered polyclonal antibody products derived from a proprietary hyper-immune bovine colostrum platform. The company markets Travelan®, an over-the-counter immune supplement for reducing the risk of travelers' diarrhea, and ProIBS®, a clinically proven medicine for relief of irritable bowel syndrome symptoms. Its clinical pipeline includes IMM-529 (FDA IND-approved Phase 2 candidate for C. difficile infection) and IMM-124E, the active pharmaceutical ingredient in Travelan being developed for expanded enteric pathogen protection.

Product overview

Immuron is a commercial and clinical stage Australian biopharmaceutical company with a proprietary technology platform based on hyperimmune bovine colostrum producing orally delivered polyclonal antibodies. The company markets two consumer health products: Travelan® (OTC immune supplement for travellers' diarrhoea, AUST L 106709) and ProIBS® (clinically proven IBS symptom relief, Aust L 482225). Protectyn® (AUST L 231001) is discontinued and replaced by Travelan®. The clinical pipeline includes IMM-529 (Phase 2 ready for C. difficile infection after FDA IND approval) and IMM-124E (the active ingredient in Travelan® being developed for expanded travellers' diarrhoea protection). The platform technology enables oral antibody delivery within the gastrointestinal tract without entering the bloodstream.

Differentiator

Problem solved

Functional benefit

Brands

• Travelan: Over-the-counter immune supplement for reducing the risk of travellers' diarrhoea caused by enterotoxigenic E. coli. Contains hyperimmune bovine colostrum powder as active ingredient.
• Protectyn
• ProIBS
• IMM-529
• IMM-124E

Products and services

• Travelan® Over-the-counter immune supplement that reduces the risk of travelers' diarrhea and minor gastrointestinal disorders. Contains hyperimmune bovine colostrum powder with polyclonal antibodies that bind to Enterotoxigenic E. coli, preventing attachment to intestinal walls. Sold in Australia, Canada, and the US for travelers visiting high-risk destinations.
• ProIBS® Clinically proven medicine for relief of symptoms related to medically diagnosed irritable bowel syndrome (IBS) in adults and children 13+. Contains AVH200® proprietary Aloe Vera extract that forms a protective hydrogel film in the gut while binding harmful bacteria. Available in 10-pack and 30-pack sachets with citrus flavor, listed on Australian Register of Therapeutic Goods (Aust L 482225).

Quantifiable outcome

• Up to 90% efficacy in preventing travelers' diarrhea in clinical trials
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and major.

• Naval Medical Research Command (NMRC)coreStrategic or Co-development Partner · 16 August 2024Collaboration with NMRC on research targeting Enterotoxigenic E. coli and Campylobacter for U.S. military diarrheal disease prevention. Part of long-term relationship with Department of Defense Infectious Diseases Research Directorate.
• Walter Reed Army Institute of Research (WRAIR)coreStrategic or Co-development Partner · 16 August 2024Joint research with WRAIR focusing on Shigella strains not present in current Travelan formulation. WRAIR conducted comprehensive study testing Travelan against 180 bacteria samples with 100% reactivity.
• Jean Coutu Pharmacy GroupmajorChannel Partner/ Reseller/ DistributorQuebec pharmacy chain distribution partnership for Travelan sales in Canada. Initial sales began in Q3 FY2026 with 82% quarter-over-quarter growth in Canadian sales.
• CSIROcoreStrategic or Co-development PartnerCollaboration with CSIRO's Microbial Manufacturing Facility for development of improved scalable manufacturing process for antigenic material required for Travelan production. Work includes pilot-scale production and purification.
• Monash UniversitycoreStrategic or Co-development PartnerARC linkage research agreement for C. difficile research project since 2011. Research focused on developing technology for IMM-529 evaluation in humans. Also examining therapeutic efficacy of antibodies targeting Uropathogenic E. coli.
• University of MelbournecoreStrategic or Co-development PartnerLong-standing partnership leading to commercialization of Travelan. University provided 'gold standard' animal testing models for influenza research with exclusive commercialization rights.
• Tréidlia BiovetcoreStrategic or Co-development PartnerLong-standing partnership dating back to 2003 for manufacture of ETEC vaccines. Tréidlia specializes in quality veterinary vaccines and diagnostic laboratory services.
• Center for Vaccine Development (CVD)majorStrategic or Co-development PartnerEngaged CVD for comprehensive analytical support for clinical development programs with FDA (SAH and NASH). CVD has international reputation for vaccine development against enteric diseases.
• Pharmaron CPCmajorStrategic or Co-development PartnerFDA inspected Clinical Research Facility (Inpatient Unit) in Baltimore, Maryland conducting Phase 2 clinical trial for Travelan using controlled human infection model (CHIM). Clinicaltrials.gov identifier: NCT05933525.
• Uniformed Services UniversitymajorStrategic or Co-development PartnerP2TD study evaluating IMM-124E (Travelan active ingredient) for gut health during deployment. Results delayed to end of November 2025 due to U.S. government shutdown; will inform dosing strategy at FDA end-of-Phase 2 meeting.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Finch Therapeutics: Clinical-stage microbiome therapeutics company developing treatments for recurrent C. difficile infection; emerging player with overlapping target indication and regulatory pathway to IMM-529.
• Rebiotix (Ferring): Microbiome therapeutics subsidiary of Ferring developing Rebyota for recurrent C. difficile infection; comparable therapeutic approach and CDI focus to IMM-529.

Broad incumbents

• AbbVie: Global biopharmaceutical company with a major gastroenterology franchise (Humira, Skyrizi, Rinvoq, Linzess) targeting IBD/IBS; broad incumbent in the gastroenterology space where Immuron is positioning IMM-529 and ProIBS.
• GSK: Global consumer health and vaccines company with Imodium (loperamide) for diarrhea and travel vaccines; overlaps with both Travelan's OTC traveler diarrhea positioning and the broader traveler's diarrhea treatment market.
• Bausch Health (Salix Pharmaceuticals): Specialty gastroenterology business within Bausch Health with established prescription products for CDI and IBS-related conditions; comparable target indications and physician-channel go-to-market.
• Ferring Pharmaceuticals: Global specialty gastroenterology and reproductive health company with established CDI treatment (Rebyota, acquired via Rebiotix) and broad gut health portfolio; overlaps with Immuron's IMM-529 and Travelan/ProIBS targets.

Direct peers

• Yakult Honsha: Japanese probiotics consumer health company with global distribution of Lactobacillus-based gut health products; comparable consumer supplement model and gut health indication overlap with ProIBS.
• Chr. Hansen: Global bioscience company with a leading probiotics and microbial cultures business serving food, dietary supplement, and pharma customers; comparable consumer health positioning and gut health indication overlap with ProIBS.
• Seres Therapeutics: Clinical-stage microbiome therapeutics company developing treatments for recurrent C. difficile infection (VOWST/SER-109), directly comparable to Immuron's IMM-529 in target indication, patient population, and regulatory pathway.
• BioGaia: Swedish probiotics company selling clinically validated gut-health consumer supplements globally, directly comparable to Immuron's ProIBS and Protectyn/Travelan consumer health positioning and pharmacy/retail distribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/immuronltd
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/immuronltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Immuron