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Chrysalis BioTherapeutic wins USD10m BARDA contract.

M2 PHARMA-August 28, 2019-Chrysalis BioTherapeutic wins USD10m BARDA contract

(C)2019 M2 COMMUNICATIONS

Pharmaceutical company Chrysalis BioTherapeutics Inc revealed on Tuesday the receipt of a contract, valued at over USD10m, to support the development of TP508 (rusalatide acetate) as a nuclear medical countermeasure to be administered under emergency field conditions.

The company received the agreement from Biomedical Advanced Research and Development Authority (BARDA), an agency of the US government's Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response.

TP508 is a regenerative peptide drug representing a natural part of human thrombin that is released upon tissue injury to initiate a healing cascade. It has demonstrated safety and potential efficacy in non-clinical and in human clinical tissue repair trials. It is intended to be used in the event of a nuclear accident or the intentional detonation of a nuclear device to prevent radiation sickness, added the company.

Pursuant to the agreement, Chrysalis will receive initial funding of USD10.074m to support preclinical development to assess efficacy of TP508. These funds are intended to support drug development, pivotal studies, and clinical trials through FDA approval.

In conjunction with the agreement, subsequent options that may be exercised by BARDA in its sole discretion upon achievement of certain milestones. If the options are exercised in full, Chrysalis could receive up to an additional USD95.16m over the next five years.

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Publication:M2 Pharma
Geographic Code:9AZER
Date:Aug 28, 2019
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