- The IMRN stock rallied over 89% in pre-market trading Wednesday
- The company has been awarded funding of A$6.2 million (US$4.45 million) by the US Department of Defense
- Under the agreement, the firm will examine the dosing regimen for Travelan suited for military use
The stocks of Immuron Limited (NASDAQ: IMRN) were trending on Wall Street Wednesday after the company announced funding of a new research agreement with the US Department of Defense. The shares of the company were up over 89% in pre-market trading January 12.
Immuron is a biopharmaceutical firm based in Australia. It primarily focuses on the development and commercialization of orally delivered targeted polyclonal antibodies that are used to treat infectious diseases.
The new agreement is entitled "Biologics License Application (BLA) of a therapeutic Bovine Immunoglobulin supplement targeting Travelers’ Diarrhea caused by Enterotoxigenic Escherichia Coli (ETEC)".
The focus of the agreement will be on testing and confirming the efficiency of a single large dose regimen of Travelan in a controlled human infection model (CHIM) clinical study by using the enterotoxigenic Escherichia coli (ETEC) strain H10407.
Stock performance and earnings highlights of Immuron Limited (NASDAQ: IMRN):
The stocks of IMRN were priced at US$4.961 at 7:05 am ET on January 12, up 89.35% from its previous closing price when it closed at US$2.62. However, its stock value tumbled 45.98% over the past six months.
The IMRN stock saw the highest price of US$9.23 and lowest price of US$2.32 in the last 52-weeks. Its trading volume on January 11 was 57,743.
For the year ended on June 30, 2021, the company's gross profit was A$94,705 (US$68,303), as compared to A$1.82 million (US$1.31 million) in the same period of the previous year. For the period, it reported a loss of A$8.38 million (US$6.04 million), against a loss of A$2.92 million (US$2.11 million) in the year ended on June 30, 2020.
As of June 30, 2021, it had cash and cash equivalents of A$25.04 million (US$18.06 million), versus A$3.25 million (US$2.34 million) in the comparable period of the prior year.
The total valuation of the award that Immuron has received from the US Department of Defense is A$6.2 million (US$4.45 million). The award was given to the firm to examine the dosing regimen for Travelan suited for military use.