 Shares of Immuron Ltd. nearly doubled in premarket trading Tuesday, but pulled back sharply from earlier highs, after the Australia-based biopharmaceutical company announced a registered direct offering of 1.07 million American depositary shares. The offering to several healthcare-focused institutional investors, which represents about 24 of the ADS outstanding, was priced at 18.75 per ADS. Thats below current premarket trading levels, but is 80 above Mondays closing price of 10.41. The stock was up 93 in premarket trading in record territory, but was up as much as 148 earlier. The company had announced earlier that its IMM-124E used to make its gastrointestinal and digestive health immune supplements Travelan and Proectyn demonstrated neutralizing activity against SARS-CoV-2, but that was in laboratory studies. The stock had run up 63.4 on Monday. It has nearly tripled up 187 year to date through Monday, while the iShares Nasdaq Biotechnology ETF has rallied 21.0 and the SP 500 has gained 0.7. 