The U.S.-listed shares of Immuron Ltd. IMRN powered up 66.3% toward a one-year high in premarket trading Monday, after the Australia-based biopharmaceutical company said the U.S. Food and Administration has removed a clinical hold on the Investigational New Drug (IND) application for its diarrhea treatment. The removal of the hold allows the U.S. Naval Medical Research Center (NMRC) to proceed with its plans to evaluate of the oral therapeutic developed in collaboration with Immuron to prevent infectious diarrhea caused by Campylobacter and Enterotoxigenic Escherichia coli (ETEC). Infectious diarrhea is the most common illness reported by travelers visiting developing countries and among US troops deployed overseas. The stock had lost 10.1% year to date through Friday, while the iShares Biotechnology exchange-traded fund IBB has gained 0.5% and the S&P 500 SPX has advanced 7.7%.
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