Enalare Secures BARDA Award Of $50M For ENA-001 In Drug Overdose

• Eagle Pharmaceuticals Inc (NASDAQ: EGRX) announced that Enalare Therapeutics Inc secured a contract for up to $50.3 million from the Biomedical Advanced Research and Development Authority (BARDA).

• In partnership with BARDA, ENA-001 is being developed in an intramuscular (IM) formulation for potential use in patients experiencing community drug overdose and as a potential medical countermeasure for mass casualty events.

• The contract is awarded in stages based on the achievement of established milestones and deliverables and provides funding for further development of ENA-001.

• The first phase of the contract, which provides approximately $6.0 million to complete activities through the initial Phase 1 study, coincides with grant support from the National Institute on Drug Abuse, part of the National Institutes of Health.

• In August 2022, Eagle made an equity investment of $12.5 million in Enalare, with a commitment to another $12.5 million six months later and two potential follow-on contingent equity investments of $15 million.

• Eagle also can acquire the remaining Enalare shares for $100-$175 million plus royalty rights.

• Price Action: EGRX shares are up 1.86% at $27.60 on the last check Tuesday.

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