Shares of Australian biopharma IMMURON LTD/S ADR IMRN were rallying for the second day in a row Tuesday following an announcement concerning a potential COVID-19 treatment option.
Immuron's Coronavirus Development: Immuron's IMM-124E has demonstrated neutralizing activity against SARS-CoV-2, the virus that causes COVID-19, according to the company.
The technology platform offers a potential new oral therapeutic approach to target SARS-CoV-2 in the gastrointestinal tract, Immuron said.
IMM-124E is an oral polyclonal antibody therapy used to manufacture the biopharma's commercially available over-the-counter gastrointestinal and digestive heath immune supplements Travelan and Protectyn. It is also being evaluated in other indications such as NASH.
The in-vitro assessment of the neutralization of SARS-CoV-2 was performed on four production lots of product used to manufacture Travelan and Protectyn, Immuron said.
Another major finding: cell viability in the presence of IMM-124E was greatly enhanced when compared to the placebo, a commercially available high protein milk powder product.
FDA Guidance Triggers Monday's Rally: The Naval Medical Research Center received guidance from the FDA on the clinical development pathway for an investigational drug Immuron is developing for moderate to severe campylobacteriosis and enterotoxigenic escherichia coli infections, the company said.
"This is an important milestone in the development of any new drug for therapeutic evaluation. The information obtained from this review will assist in the development of the IND application and provides a clear roadmap forward for conducting the two planned clinical studies next year," Immuron CEO Dr. Jerry Kanellos said in a statement.
Immuron said two Phase 2 clinical trials are planned for 2021: one focusing on the ability of the hyperimmune product to protect volunteers against moderate to severe campylobacteriosis and the second on ETEC infections.
Immuron Price Action: Immuron shares, which cooled off after a strong jump June 9, took off Monday.
The stock added 63.42% to end the session at $10.41.
Immuron shares were trading 58.31% higher to $16.48 at last check Tuesday.
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