RxBio, Inc., Biopharmaceutical Affiliate of University of Tennessee Health Science Center, Receives $15 Million Federal Contract from Biomedical Advanced Research and Development Authority
11/8/2011 7:58:13 AM
MEMPHIS, Tenn.--(BUSINESS WIRE)--The University of Tennessee Health Science Center (UTHSC) is pleased to announce that RxBio, Inc., an early stage biopharmaceutical company that has spun out of the University of Tennessee Health Science Center (UTHSC), has been awarded a $15 million federal contract. The contract will fund the further development of Rx100, the company’s potent radiomitigant countermeasure drug, which may protect against the potentially lethal effects from radiation exposure. To date, no such drug has been approved by the Food and Drug Administration. The U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (BARDA) contract is valued at up to $24 million ($15 million in the base contract; $9 million in options) over the next two years.