Shares in pharmaceutical company Immuron Limited surged by as much as 80% when it announced promising results in testing of its anti-inflammation drug.
At the close, the shares were up 64.9% to $0.47.
The Australian microbiome is developing and commercialising treatments for inflammatory and infectious diseases.
The latest testing of the drug, IMM-124E, showed it could reduce inflammation and improve liver enzymes for patients with NASH, a disease which causes liver damage.
“This is truly a proof of concept for this first-in-class drug candidate,” says Arun Sanyal, Professor of Gastroenterology and Hepatology from the Virginia Commonwealth University in Richmond, US, and the study lead principle investigator.
“The potential clinical applications for this drug candidate are numerous and very exciting indeed.”