Enalare Secures BARDA Award Of $50M For ENA-001 In Drug Overdose

Loading...
Loading...
  • Eagle Pharmaceuticals Inc EGRX announced that Enalare Therapeutics Inc secured a contract for up to $50.3 million from the Biomedical Advanced Research and Development Authority (BARDA).
  • In partnership with BARDA, ENA-001 is being developed in an intramuscular (IM) formulation for potential use in patients experiencing community drug overdose and as a potential medical countermeasure for mass casualty events.
  • The contract is awarded in stages based on the achievement of established milestones and deliverables and provides funding for further development of ENA-001.
  • The first phase of the contract, which provides approximately $6.0 million to complete activities through the initial Phase 1 study, coincides with grant support from the National Institute on Drug Abuse, part of the National Institutes of Health.
  • In August 2022, Eagle made an equity investment of $12.5 million in Enalare, with a commitment to another $12.5 million six months later and two potential follow-on contingent equity investments of $15 million.
  • Eagle also can acquire the remaining Enalare shares for $100-$175 million plus royalty rights.
  • Price Action: EGRX shares are up 1.86% at $27.60 on the last check Tuesday.
Posted In: BiotechGovernmentNewsHealth CareFinancingSmall CapGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...