Emergent BioSolutions Inc. (NYSE:EBS) has received a contract from the Department of Health and Human Services (HHS) for over $24.3 million to fund the further development of Emergent’s anthrax monoclonal antibody AVP-21D9.
This contract will be jointly administered through the Office of the Biomedical Advanced Research and Development Authority and the National Institute of Allergy and Infectious Diseases (part of the National Institutes of Health).
The life of this contracts is four years and is to provide funding for scale-up of the manufacturing process, for non-clinical studies, and for a Phase I clinical trial.
Emergent noted in the release that it anticipates that it will receive approximately $20 million over the first two contract years in support of the scale-up of the manufacturing process and the completion of a Phase I clinical trial. The company also expects to focus on completing certain non-clinical studies during the final two years of the contract.
For a drug company or biotech stock, this one is still rather small with a $405 million market cap. At $13.60, the stock is toward the higher end of the $4.40 to $14.39 trading range of the last year.
Jon C. Ogg
September 3, 2008
1 comment:
nice post
Post a Comment