Another Corona Virus Mania Makes Bank. This time $20 million into Immuron which once struggled, when it was trading near $2.00 just last spring.
MarketWatch: Shares of Immuron Ltd. IMRN, 42.27% nearly doubled in premarket trading Tuesday, but pulled back sharply from earlier highs, after the Australia-based biopharmaceutical company announced a registered direct offering of 1.07 million American depositary shares.
The offering to “several healthcare-focused institutional investors, which represents about 24% of the ADS outstanding, was priced at $18.75 per ADS. That’s below current premarket trading levels, but is 80% above Monday’s closing price of $10.41.
The stock was up 93% in premarket trading in record territory, but was up as much as 148% earlier. The company had announced earlier that its IMM-124E used to make its gastrointestinal and digestive health immune supplements Travelan and Proectyn demonstrated neutralizing activity against SARS-CoV-2, but that was in “laboratory studies.”