Immuron stock rockets after funding by U.S. DoD of new research agreement

Shares of Immuron Ltd.
IMRN,
+2.67%
rocketed 49.6% in active premarket trading Wednesday, after the Australia-based biopharmaceutical company said it received an award of AUD$6.2 million ($4.5 million) from the U.S. Department of Defense to evaluate Travelan for military use. Trading volume spiked to 1.3 million shares, compared with the full-day average of about 60,500. The award is aimed at testing the efficacy of a single larger dose regimen of Travelan for the treatment of moderate to severe diarrhea upon challenge with enterotoxigenic Escherichia coli (ETEC). “This new project expands our clinical development program and represents the first of several significant clinical trials which the Company expects to undertake with the US Military in 2022,” said Immuron Chief Executive JErry Kanellos. “The new funding is testament to the value proposition our hyperimmune bovine polyclonal colostrum technology offers to benefit the US Military as well as the civilian international travelling population.” The stock has tumbled 30.1% over the past three months while the iShares Biotechnology ETF
IBB,
+0.96%
has declined 7.2% and the S&P 500
SPX,
+0.92%
has gained 8.3%.