ImmuPharma PLC (AIM:IMM, OTC:IMMPF) shares leapt 6.5% in late morning trading following encouraging news on its experimental drug P140.
The US Food and Drug Administration (FDA) endorsed the company's proposal for a late-stage clinical trial for the treatment of chronic idiopathic demyelinating polyneuropathy (CIDP), a rare neurological disorder.
This marks a significant progression for P140, the firm's main investigative drug, which could be used for various autoimmune conditions.
ImmuPharma is expected to submit an Investigational New Drug application and initiate the trial in the second half of the year.
The stock jumped 0.2p to 3.27p.