 Bloomberg -- Nano-cap Immuron Ltd. saw shares surge more than ten-fold on Tuesday afternoon as euphoria for retail traders took to the biopharmaceutical industry.The Australia-based company, which was valued at roughly 9 million coming into Tuesdays session, saw its American depository receipts change hands at a record clip as retail investors cheered and Twitter users were left confused. More than 74 million shares were traded Tuesday which compares to a one-year average volume of less than 100 thousand.The biopharmaceutical company disclosed earlier that the Naval Medical Research Center, its partner, requested a regulatory meeting with the U.S. Food and Drug Administration so it could test its drug for the prevention of acute infectious diarrhea. The pair will plan to start a pair of mid-stage trials sometime in the first half of next year if all goes well with regulators.Tuesdays 850 gain marked the firms best single session since going public in 2017 and is an all-time high.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 