A significant boost for Melbourne-based Immuron (ASX:IMC), with shares in the company soaring after it confirmed several large US-based institutional funds had expressed an interest in making a large investment in the company.
Immuron is focussed on the the development of oral immunotherapy treatments using dairy-derived antibody products for humans.
The company's current products and product candidates are designed to treat inflammatory mediated and infectious diseases.
The company, which is listed on the ASX and NASDAQ, were placed in a trading halt earlier this week while it negotiated with a US-based institutional fund over a potential investment.
However, Immuron said in a statement, while in the trading halt, it was approached by several other large institutional funds also wanting to enter negotiations.
The company's board decided its shares would resume trading while it evaluates all the alternative offers. The share price jumped 20 per cent on resumption of trading.
According to Chair, Dr Roger Aston, "The initial fund raising opportunity presented to the Company was certainly attractive and we felt it was prudent to explore this, but with the other alternatives now presented to us we believe it is in the best interests of the Company and its shareholders for us to evaluate all of the potential investment offers now in front of us to ensure we find the correct fit for our Company and its shareholders for the long-term.”