** Shares of Algorae Pharmaceuticals 1AI.AX rise as much 14.35 to A$0.008, their highest levels since Nov 21
** The pharma co says it received positive outcomes from pre-clinical studies for drug candidate AI-168
** Says drug demonstrates "statistically significant" cardio-protective qualities
** Stock on track for second straight session of gains
** Over 9.6 mln shares change hands, compared with the 30-day average volume of 1.4 mln
** 1AI stock down 20% YTD
(Reporting by Adwitiya Srivastava in Bengaluru)
((Adwitiya.Srivastava@thomsonreuters.com;))
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