A little-known ASX healthcare stock is setting the bar sky-high today.
In morning trade on Thursday, the All Ordinaries Index (ASX: XAO) is up 0.2%, while shares in this biopharmaceutical company just rocketed 96.9% to 13 cents apiece.
The ASX healthcare stock closed on Monday trading for 6.6 cents. Shares entered a trading halt on Tuesday and Wednesday ahead of today's big United States Food and Drug Administration (FDA) announcement.
Any guesses?
If you said Immuron Ltd (ASX: IMC), give yourself a virtual gold star.
Here's what's got ASX investors excited today.
Why are ASX investors sending the Immuron share price soaring?
Investors are bidding up the ASX healthcare stock after the company reported it was proceeding to a Phase 3 registration strategy with the US FDA for its patented Travelan drug.
Travelan will be the first product developed with Immuron's platform technology to proceed into Phase 3 clinical trials.
This comes after interim clinical results confirmed that a single daily dose of Travelan was effective in preventing moderate to severe diarrhea after subjects were exposed to enterotoxigenic Escherichia coli (ETEC).
The company designed the Phase 2 study to compare the preventative effects of one dose per day relative to the standard recommended three daily doses.
In January 2022, the US Department of Defense awarded the ASX healthcare stock $4.8 million to assist with evaluating a dosing regimen best suited to US troops deployed in developing countries.
The company said the latest interim analysis summarised the completed data for 60 subjects of the current clinical study. Management expects the final clinical study report will be completed in the second half of 2024.
Immuron said it is exploring non-dilutive funding opportunities for its Phase 3 clinical trial.
How has the ASX healthcare stock been tracking longer-term?
Immuron shares are often thinly traded. And they frequently see some sizeable moves higher or lower following price-sensitive news.
With today's big intraday gains factored in, the ASX healthcare stock is up 62.5% in 12 months.
