Stock Alert: Immuron Shares Soar 48% In Premarket

(RTTNews) - Shares of Immuron Ltd. (IMRN) are rallying over 48% in pre-market today, after the company announced that it has partnered with CSIRO to produce a new oral therapeutic for clinical evaluation by the US Department of Defense.

The stock has been trading in the range of $1.55 - $28.99 for the past one year, and closed Thursday's trade at $7.75, down 47 cents or 5.72%. IMRN is currently trading at $11.49, up $3.74 or 48.26% in the pre-market session.

Immuron noted that it has now executed a research agreement with Australia's national science agency, CSIRO, to produce the new therapeutic against Campylobacter and Entero-Toxigenic Escherichia coli or ETEC for clinical evaluation by the US Department of Defense.

Under the terms of the research agreement, CSIRO has been engaged to produce a hyper-immune bovine colostrum product using vaccines developed by the NMRC. The work would be conducted at the Department of Agriculture and Water Resources Biosecurity Approved Arrangement facilities located in Armidale NSW.

The company also announced that the NMRC submitted the Pre-IND information package as planned on the 10th of June 2020 and expects to receive written comments on the non-clinical information from the U.S. FDA within 30-days regarding its planned investigational new drug application to treat moderate to severe campylobacteriosis and ETEC infections.