BioCryst Pharmaceuticals Inc. (NASDAQ: BCRX) announced that the Biomedical Advanced Research and Development Authority (BARDA) awarded a contract for the continued development of BCX4430 as a potential treatment for diseases caused by RNA pathogens. A virus within the subset of RNA pathogens is Ebola.
Jon P. Stonehouse, president and CEO of BioCryst, said:
BCX4430 currently represents the only single drug that has demonstrated a survival benefit in non-human primates infected with Marburg or Ebola viruses. This new BARDA contract provides continuity in the ongoing development of our broad spectrum antiviral, ‘4430, and moves this program closer to the finish line.
This contract includes a base amount of $12.1 million to support manufacturing of the drug, as well as $22.9 million for additional development options that can be exercised by the government, which puts a total potential value of the contract at $35 million.
Just in the past week another Ebola company resurfaced on the news of a secondary offering. Tekmira Pharmaceuticals Corp. (NASDAQ: TKMR) completed this offering of 7.5 million common shares priced at $20.25 per share, for aggregate gross proceeds of $151.9 million. Following the offering there will be over 54.1 million shares outstanding, according to the filing.
The underwriters for this offering are Leerink, RBC Capital Markets, Nomura, JMP Securities, Wedbush PacGrow and Lazard Frères.
The proceeds from this offering are expected to be used for working capital and general corporate purposes, including, but not limited to, progressing research and development programs, supporting clinical programs and manufacturing activities, and advancing and protecting technology.
Shares of BioCryst were up 7% at $9.18 with about an hour left in trading on Tuesday. The stock has a consensus analyst price target of $17.70 and a 52-week trading range of $7.29 to $14.62.
Tekmira shares were down 2% to $17.33, in a 52-week trading range of $8.86 to $29.93. Note that this high was hit back in October at the height of the Ebola craze. The consensus price target is $28.50.
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