RTTNews | Jul 20, 2020 10:19AM EDT

10:18 Monday, July 20, 2020 (RTTNews.com) - Shares of Immuron Ltd. (IMRN) more than doubled on Monday morning after the pharma company said it received U.S. Food and Drug Administration guidance for a new drug designed to treat diarrhoea.

IMRN is currently trading at $14.19, up $7.82 or 122.75%, on the Nasdaq.

The Australian biopharmaceutical company and the Naval Medical Research Center have teamed up their research efforts to develop and clinically evaluate a new therapeutic against campylobacter and ETEC (E-Coli).

The Naval Medical Research Center said it has received written guidance from the FDA in relation to the clinical development pathway of a new investigational drug which the company is developing to treat moderate to severe campylobacteriosis and Enterotoxigenic Escherichia coli infections.

The Type B meeting with the FDA discussed the Chemistry, Manufacturing and Controls including the proposed release testing specifications of the product as well as the planned clinical studies evaluating the safety and efficacy of the product which the company is developing to prevent Campylobacter and ETEC mediated moderate to severe diarrhea.

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