EGRX - Eagle Enalare get up to $50.3M US contract to develop ENA-001 for community drug overdose

• Eagle Pharmaceuticals ( NASDAQ: EGRX ) said Enalare Therapeutics secured a contract for up to $50.3M from the Biomedical Advanced Research and Development Authority (BARDA) to develop an an intramuscular formulation of ENA-001 for patients experiencing community drug overdose.
• ENA-001 is a new chemical entity with a unique mechanism of action which is being developed as a respiratory stimulant for patients experiencing acute respiratory depression, Eagle said in a Sept. 27 press release.
• "The pre-clinical work is going very well, and the BARDA contract provides support along the development and regulatory pathway toward FDA approval of ENA-001 for use in the United States," said Eagle President and CEO Scott Tarriff.
• Eagle added that the new award builds on an existing partnership between Enalare and the BARDA DRIVe ReDIRECT (Repurposing Drugs in Response to Chemical Threats) program. BARDA operates under the U.S. Department of Health and Human Services.
• Eagle noted that in August 2022, it made an equity investment of $12.5M in Enalare, and committed to invest another $12.5M six months later and two potential follow-on equity investments of $15M each, contingent upon reaching certain objectives.

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