Immuron is an Australian biopharmaceutical company that develops and sells orally delivered polyclonal antibodies derived from the colostrum of specially vaccinated dairy cows, targeting gastrointestinal infections. Immuron's primary commercial product is Travelan, an over-the-counter supplement that reduces the risk of travelers' diarrhea, primarily caused by ETEC and other gut pathogens. Travelers take Travelan before and during trips to high-risk regions to block bacterial infection in the gut without antibiotics. Travelan is sold through retail pharmacies in Australia, pharmacy and grocery channels in Canada, and through travel health clinics, Amazon, and Walmart online in the U.S. Australia accounts for roughly 71% of product revenue. A second product, Protectyn, is sold in Australia as a digestive health supplement but contributes negligible revenue. Beyond its commercial products, Immuron is pursuing FDA approval of Travelan as a prescription prophylactic for travelers' diarrhea, which would carry 12 years of U.S. market exclusivity upon approval — a significant step-up from its current supplement status. Immuron is also developing IMM-529, a pipeline drug targeting Clostridioides difficile infection using a triple-action approach that targets the bacterium's toxin B, spores, and vegetative cells simultaneously, with an IND filing planned for the second half of 2025. Immuron's manufacturing process involves vaccinating dairy cows, harvesting colostrum, and processing it into a high-immunoglobulin powder for oral delivery. The company remains pre-profitability, funding clinical development alongside commercial operations, partially offset by U.S. Department of Defense grants.