Immuron (NASDAQ:IMRN) stock is gaining on Monday thanks to an update from the Food and Drug Administration (FDA) on a clinical hold.
The FDA has lifted a clinical hold that was in place for Immuron’s New Campylobacter ETEC Therapeutic IND application. With this hold removed, the company is clear to move forward with clinical trials of its new Campylobacter treatment.
Immuron is planning for two Phase 2 clinical trials that will evaluate the drug’s use in adults. The goal is to see how well it performs at preventing infectious diarrhea caused by Campylobacter and ETEC.
Immuron is working alongside the US Naval Medical Research Center (NMRC) for the development of these treatments. The studies will feature 60 patients with one focusing on safety and protective efficacy against ETEC infections and the other focusing on moderate to severe campylobacteriosis.
How This Affects IMRN Stock Today
IMRN stock is getting a boost on Monday as investors buy shares alongside the clinical hold being lifted. This has shares of IMRN seeing heavy trading as of this writing. For example, some 3 million shares have been traded as of this writing. To put that in perspective, the company’s daily average trading volume is closer to only about 5,000 shares.
IMRN stock is up 67.4% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.