Paratek jumps on contract for Anthrax treatment
Shares of US company Paratek Pharmaceuticals (Nasdaq: PRTK) had soared more than 40% to $4.15 by late morning trading today, on the news that it had received a lucrative government contract.
On Wednesday, the US Department of Health and Human Services (HHS) issued the first Project BioShield contract to fund the advanced development needed to support the expanded use of an existing antibiotic to treat exposure to inhalational anthrax.
Under the contract, the Biomedical Advanced Research and Development Authority (BARDA), part of the HHS Office of the Assistant Secretary for Preparedness and Response (ASPR), will provide technical expertise and up to $169 million over five years to US company Paratek Pharmaceuticals to complete the studies and manufacturing activities necessary for the US Food and Drug Administration to consider emergency use authorization (EUA) of Nuzyra (omadacycline) to treat people exposed to anthrax.
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