Why the Immuron (ASX:IMC) share price is rocketing up 10% today

The Immuron Ltd (ASX: IMC) share price is surging today following a research agreement with Monash University for combating COVID-19. At the time of writing, the Immuron share price is up 10.42% to 26.5 cents.

Immuron is clinical-stage biopharmaceutical company focused on the development and commercialisation of a novel class of specifically targeted polyclonal antibodies. The company researches and develops hyperimmune products for markets in Australia, the United States and Canada.

Product sales comprise Travelan and Protectyn, which is used for the prevention of travellers’ diarrhoea.

What’s pushing the Immuron share price higher?

The Immuron share price has been a positive mover today compared to the broader All Ordinaries Index (ASX: XAO) which is down 0.3% to 6.877 points.

According to today’s release, Immuron advised that its hyperimmune bovine colostrum, called ‘IMM-124E’ has shown antiviral activity against COVID-19 in a laboratory. The hyperimmune bovine colostrum is used currently in the company’s key products, Travelan and Protectyn.

To further support the promising results, Immuron has partnered with Monash University to undertake further research. The agreement will see Monash University examine and evaluate the efficacy of IMM-124E against the COVID-19 virus.

This follows the company’s previous efforts in engaging with domestic and international researchers to advance its work.

What is hyperimmune bovine colostrum?

Bovine colostrum is a milky fluid that comes from the udder of cows the first few days after giving birth.

This fluid contains proteins called antibodies that can fight bacteria and viruses that cause diseases. Antibody levels in bovine colostrum can be 100 times higher than levels in regular cow’s milk.

Researchers have created a special type of bovine colostrum called ‘hyperimmune bovine colostrum’. It’s produced by cows that have received vaccinations against specific disease-causing organisms and is high is specific kinds of antibodies.

Bovine colostrum is most commonly used to treat diarrhea and other infections.

What did the research team from Monash University say?

Microbiology Department deputy head, Professor Dena Lyras, said the university had been fortunate to obtain access to the SARS-CoV-2 recombinant proteins developed at the Peter Doherty Institute for Infection and Immunity.

Dr Melanie Hutton went on to talk about the research team’s plan, saying:

These reagents will be used to initiate the research work and to develop a suitable assay for evaluating the inhibitory efficacy of IMM-124E.

Furthermore, specific immune components will be purified from IMM-124E and will be used to evaluate their ability to inhibit the binding of an antibody positive human serum sample to specific COVID-19 proteins, such as the spike protein which is crucial for cell entry.

Immuron share price summary

Investors are likely to have a mixed response to the Immuron share price. Although its shares have risen more than 85% in the past 12 months, short-term charts show the Immuron share price on a gradual decline.

The company’s shares did see a sharp spike in July reaching 95 cents, following a market update to IMM-124E. However, the share price quickly came crashing down as investors pocketed the profit.