The FY 2007 Department of Defense (DoD) appropriations law includes $1.0 million payable to PharmAthene, Inc. ( a privately-held biotechnology company) to support ongoing development of Valortim™.
An investigational fully human monoclonal antibody being developed for the prevention and treatment of anthrax infection, Valortim™ was generated by Medarex, Inc. (Nasdaq: MEDX)'s UltiMAb Human Antibody Development System(R).
This is the second consecutive year in which PharmAthene received funding for further study of Valortim™.
According to David P. Wright, President and Chief Executive Officer of PharmAthene:
"Given the anthrax attacks of 2001, in which five people died and others were sickened, there is clearly an urgent unmet medical need for newer, more effective therapies for anthrax.
Based on the available preclinical and clinical data, we believe that Valortim is ideally suited for the prevention and treatment of anthrax infection and is a strong candidate for procurement in the Strategic National Stockpile under Project BioShield."
Valortim™ (MDX-1303) is a fully human antibody designed to protect against inhalation anthrax, the most lethal form of illness in humans caused by the Bacillus anthracis bacterium.
Find more details from the full press release.
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