Immuron (ASX:IMC) share price surges 11% on COVID-19 treatment data

New research suggests the company’s drug might be able to treat COVID-19

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The Immuron Ltd (ASX: IMC) share price is taking off today after it was found the company’s drug might be able to treat COVID-19.

Researchers from the Hebrew University’s Hadassah Medical Center tested if the company’s proprietary product, IMM124E, has potential antiviral benefits.

They found IMM124E might boost antiviral immunity across certain viral strains, including severe acute respiratory syndrome coronavirus-2, the virus that causes COVID-19.

Immuron also announced it has filed a Patent Cooperation Treaty application to seek patent protection for IMM124E.

At the time of writing, the Immuron share price is 14.5 cents, 11.54% higher than its previous close. Earlier today it was up 25% to 17 cents before partially retreating.

Let’s take a closer look at today’s news from Immuron.

Data suggests IMM124E may help treat COVID-19

The Immuron share price is surging upwards on news the company’s IMM124E drug could have the potential to treat COVID-19.

Recently published research on IMM124E has detailed the results of a mouse model and human clinical study that attempted to find if the drug could promote antiviral interferon γ T cell responses.

The trial saw 5 human volunteers given 600mg of IMM124E daily for four days and 1200mg on the fifth day.

After the fifth day, researchers took blood samples from the volunteers. They then tested the samples for the number of T cell clones secreting antiviral interferon γ in response to viral antigens of SARS-CoV-2 and hepatitis B virus.

The data suggests IMM124E could enhance antiviral responses against COVID-19 and hepatitis B.

Meanwhile, data from the mouse model suggested IMM124E might enhance antiviral immunity for swine flu, New Caledonia influenza, and cytomegalovirus.

The results won’t be validated until more detailed research on IMM124E’s potential to treat certain viruses has been completed. However, it’s an encouraging outcome.

Though, it’s not the first time IMM124E has been linked to the treatment of COVID-19.

The most recent time the company announced similar news was in May, when researchers from Monash University found the drug may inhibit COVID-19 infection.

Immuron share price snapshot

Despite today’s boost, the Immuron share price is still well and truly in the red on the ASX.

The company’s share price has fallen 31% since the start of 2021. It is also 40% lower than it was this time last year.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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