Hot on the heels of reporting anti-Covid-19 action by one of the drugs it is developing, biotechnology company Immuron has raised $28 million (US$20 million) from institutional investors.
On Tuesday the company reported its Travelan product for the prevention of travellers’ diarrhoea demonstrated neutralising activity against severe acute respiratory syndrome coronovirus-2, the virus that causes Covid-19.
The antiviral activity was demonstrated in an in vitro study by Melbourne contract research organisation 360 biolabs against virus obtained from Melbourne’s Peter Doherty Institute for Infection and immunity.
Travelan is available in pharmacies in Australia, and the company has received a $5.5 million grant from the US Department of Defence to develop the drug as a preventative medicine for E-Coli and Campylobacter bacteria.
However the study does not suggest that taking Travelan has any effect against Covid-19 in normal human use.
Then today the company announced it had raised US$20 million from several healthcare-focused institutional investors in the United States.
The proceeds of the raising to fund Immuron’s R&D, preclinical and clinical trials, support marketing initiatives and provide ongoing working capital.
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