The Immuron share price is soaring higher today, up 18% in afternoon trading. We take a look at the company’s latest vaccine announcement.
The post Why the Immuron (ASX:IMC) share price is rocketing 18% higher today appeared first on Motley Fool Australia. –
The Immuron Limited (ASX: IMC) share price is soaring today, up 18% in afternoon trading.
This comes after the company announced positive results to one of its vaccines.
Today’s gains put Immuron’s share price up 104% in 2020 at 26 cents per share, though that’s still well below the 86 cents per share Immuron briefly hit on 21 July. That spike followed a report that one of its flagship drugs, Travelan, could help treat respiratory issues in patients with COVID-19.
Despite retracing since then, long-term investors likely won’t be complaining about the 104% gains in 2020 in a year that’s seen the All Ordinaries Index (ASX: XAO) fall by 6%.
What does Immuron do?
Immuron Limited is an Australian biopharmaceutical company. Its focus is the development and sale of oral immunotherapeutics to prevent and treat unmet medical needs. The company’s orally active polyclonal antibodies provide a targeted delivery inside the gastrointestinal tract so they do not cross into the bloodstream
Immuron’s shares first began trading on the ASX in April 1999.
What did Immuron announce to see its share price rocket 18% today?
In this morning’s announcement to the ASX, Immuron revealed that the US Medical Research Center has confirmed its experimental vaccine produced “a robust immunological response in cows”.
Immuron’s vaccine targets Campylobacter and Enterotoxigenic E.coli (ETEC). The company’s goal is to develop a multi-pathogen anti-diarrhoeal colostrum supplement to help protect against both afflictions, which are the main cause for infectious diarrhoea for people visiting developing countries.
This is also a critical issue for the US military, whose personnel are often deployed to remote regions, and report that infectious diarrhoea is their most common illness.
No surprise then, that the US Department of Defense (DoD) is interested in pursuing Immuron’s experimental vaccine. According to this morning’s release, PCI Clinical Services has been contracted to manufacture its drug product for the DoD to evaluate in clinical trials. Manufacturing is slated to start in November and be complete by the end of 2020.
Two human phase II clinical trials are scheduled for 2021. The US Naval Medical Research Center plans to file a request with the US Food and Drug Administration (FDA) for an Investigational New Drug application in the first quarter of 2021.
As these trials progress, Immuron’s share price will be one to watch.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.