IMRN - Immuron suspends research on COVID-19 program

• Immuron ( NASDAQ: IMRN ) said it has deprioritized SARS-CoV-2 research to focus on clinical development of its more advanced stage therapeutic drug candidates.
• The Australian company added that it dedicated significant resources to investigate the mechanism of novel coronavirus protection, however, the mechanism of how IMM-124E provides protection against SARS-CoV-2 viral infection remained unclear.
• Immuron noted that as per its research, the evolution of the virus and changing treatment landscape presented significant challenges to conduct a trial for SARS-CoV-2 with IMM-124E.
• Immuron new CEO Steven Lydeamore — who was appointed in May and took charge June 27 — is completing an assessment of the product portfolio, target markets, competitive advantage, and growth drivers, the company said in an Aug. 19 press release.
• In July, the company had said that U.S. Food and Drug Administration had placed a clinical hold on starting trials of oral antibacterial drug.

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