Countervail receives $5.4 million from BARDA for countermeasure development

Countervail Corporation, a Charlotte, North Carolina-based early-stage biopharmaceutical company, recently announced it will receive an additional $5.4 million for the further development of a medical countermeasure against organophosphorus-based nerve agents.

The U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority exercised a contract option for the continued development of galantamine hydrobromide, which is also known as AverTox. BARDA decided to exercise the option after an interagency review of the performance milestones completed by Countervail during the contract's first phase.

"AverTox has shown favorable laboratory results as a neuroprotectant against the toxic effects of nerve agents such as Sarin and VX," Bill Basinger, the CEO and president of Countervail, said. "We are pleased to have the continued support from BARDA for the development of this promising drug."

Countervail was the first company awarded a contract with BARDA for the development of a medical countermeasure to a chemical threat. Thus far, the company was awarded $10.7 million as part of the five-year, $24.9 million contract.

BARDA is part of the HHS' Office of the Assistant Secretary for Preparedness and Response.

Countervail Corporation is focused on the development and commercialization of products protecting civilians and the military from biological and chemical threats.