Shares of InMed Pharmaceuticals Inc. (INM) jumped nearly 20% on Tuesday morning after the company announced that INM-901 demonstrates statistically significant reduction in neuroinflammation in a long-term preclinical alzheimer's disease study.
INM is currently trading at $5.85, up $0.94 or 19.17%, on a huge volume of 23 million shares, above average volume of 40 thousand, on the Nasdaq. The stock opened its trading at $7.23 after closing Friday at $4.91. The stock has traded between $2.42 and $15.70 in the past 52-week period.
In the study, INM-901 demonstrated a reduction in several plasma and brain markers of neuroinflammation, a recognized contributor to Alzheimer's disease development and progression.
Dr. Eric Hsu, InMed's SVP of Preclinical R&D, commented, "We are highly encouraged by the data from our long-term preclinical study of INM-901. Overall, our data showed a reduction of several neuroinflammation markers in an amyloid-induced Alzheimer's disease model, suggesting that INM-901 may lower neuroinflammation."
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