CHARLOTTE, NC, Oct 25, 2013 /PRWeb/ — Countervail Corporation announced today the Department of Health and Human Services (HHS), through the Biomedical Advanced Research and Development Authority (BARDA), has exercised a contract option for an additional $5.4 million for the further development of galantamine hydrobromide, under the trade name AverTox™, as a medical countermeasure to the toxic effects of organophosphorus based nerve agents. BARDA exercised the option following an inter-agency In Process Review of the performance milestones completed by the company during the first phase of the contract.
“AverTox™ has shown favorable laboratory results as a neuroprotectant against the toxic effects of nerve agents such as Sarin and VX. We are pleased to have the continued support from BARDA for the development of this promising drug,” said CEO and President of Countervail, Bill Basinger.
Countervail has the distinction of being the first company awarded a contract with BARDA for the development of a medical countermeasure to a chemical threat. To date, the company has been awarded $10.7 million under the five-year $24.9 million contract.
About Countervail Corporation
Countervail Corporation, formed in 2007, is an early stage biopharmaceutical company focused on the development and commercialization of products that protect our military and civilian populations from chemical and biological threats.
This project has been funded in whole or in part with federal funds from the Biomedical Advanced Research and Development Authority, Office of the Assistant Secretary for Preparedness and Response, Department of Health and Human Services, under Contract No: HHSO100201100030C