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AIM ImmunoTech Shares Spike Up 90% After $6.42M 'Breakthrough Award'

Tanzeel Akhtar

Shares of thinly-traded microcap AIM ImmunoTech Inc. (NYSE: AIM) are trading sharply higher after the company announced the Department of Defense granted a four-year, $6.42 million "Breakthrough Award" to Roswell Park Comprehensive Cancer Center for its clinical study of the drug Ampligen, in patients with brain-metastatic breast cancer.

The funding is through the Department of Defense Breast Cancer Research Program, which started the Breakthrough Awards to support research that has the potential for a major impact and to accelerate progress toward ending breast cancer.

"We believe that this is an important milestone for AIM ImmunoTech, as Ampligen being a part of this Breakthrough Award presents an opportunity for establishing the proposition that these combinational therapies may help to turn 'cold' tumors that don't respond to existing therapies into 'hot' ones that the immune system can be trained to recognize and attack," said AIM ImmunoTech CEO Thomas Equels.

AIM ImmunoTech was previously known as Hemispherx Biopharma.

AIM ImmunoTech shares were trading up 91% at $3.17 in Thursday’s pre-market session. The stock has a 52-week high of $14.81 and a 52-week low of $1.51 per share.

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