Biota says U.S. agency terminates funding for flu drug

May 8, 2014

May 8 (Reuters) - Biota Pharmaceuticals Inc said a U.S. agency has terminated funding for the development of its influenza drug.

The company said the Biomedical Advanced Research and Development Authority (BARDA), in charge of developing countermeasures against public health emergencies, did not provide a reason for the withdrawal of support.

BARDA agreed in 2011 to provide up to $231 million to develop the drug, laninamivir octanoate, currently in mid-stage trials.

(Reporting by Shailesh Kuber; Editing by Don Sebastian)