Immuron (IMC: $0.075) has reported a record $1.5 million in sales in the September quarter for its Travelan product used to prevent travelers' diarrhea.
The majority of sales (86%) were generated in Australia with the balance achieved in the US. One reason for the surge in sales is the fulfillment of backorders that accumulated due to manufacturing constraints caused by the need to find a new packaging supplier.
Sales have also been bolstered by a return to a more normal travel environment following the pandemic. Immuron has also started selling its product through Amazon with sales exceeding expectations.
Clinical Studies Update
Immuron is conducting a Phase II study with a high dose of Travelan (six times the normal dose) in 64 healthy volunteers. The study is being funded by the US Department of Defense.
In the study, the volunteers will receive either high dose Travelan or Placebo for two days, then be challenged with a strain of E. coli, followed by a further five days of either Travelan or placebo.
The first 30 patients have completed the study, with the second stage having commenced earlier this month with an additional 34 subjects. The participants will be assessed at two weeks, one month and six months, with topline results expected in June next year.
If the study is successful, Immuron may proceed to additional studies to support a BLA submission with the FDA for the therapy. This could lead to higher pricing for the therapy.
Immuron is also conducting a field study with the US Department of Defense in high-risk areas for the prevention of traveler's diarrhea. In April this year, 157 of the total 868 subjects had been recruited. This study is expected to reach 50% recruitment by the end of this year and full recruitment by mid next year. Positive results could help achieve larger sales contracts to the DoD.
Immuron is capitalised at just $17 million with cash of $17 million at June 30. Its net loss from operations in FY2023 was $3.8 million.
Bioshares recommendation: Speculative Buy Class A
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