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Investing.com — Immuron Ltd ADR (NASDAQ:IMRN) shares surged over 43% Wednesday on news of a A$6.2 million ($4.45m) award from the Defense Department to clinically evaluate a military strength dosing regimen for Travelan.
Immuron was awarded A$4.8 million ($3.43m) million funding by the Defense Department for Travelan, while the U.S Naval Medical Research Center received A$1.4 million ($1.02m) in funding to support the clinical development effort, bringing the total award to A$6.2 million.
Travelan is a diarrhea medication, with the funding being provided to test the efficacy of a single larger dose regimen in diarrhea caused by enterotoxigenic escherichia Coli.
There are plans to run a controlled human infection model clinical trial in 60 healthy volunteers in the U.S.
“This new project expands our clinical development program and represents the first of several significant clinical trials which the Company expects to undertake with the US Military in 2022,” said Dr. Jerry Kanellos, CEO of Immuron.
