RedHill Biopharma announced on Friday that it has been awarded an additional $1.7 million in funding from the U.S. government. The funding comes in the form of a Small Business Innovation Research grant and will be given to its development partner, Apogee Biotechnology.
Advancing Opaganib as a Medical Countermeasure
This grant will support research to further the development of opaganib as a medical countermeasure for gastrointestinal acute radiation syndrome. RedHill Biopharma, a specialty biopharmaceutical company, believes that Opaganib has the potential to be an effective treatment for this condition.
Complementary to Existing Funding
It is important to note that this grant is in addition to the multimillion dollar-valued U.S. government Radiation and Nuclear Countermeasures Program product pipeline development contract already awarded to opaganib. The contract was given after the selection of opaganib by the RNCP for gastrointestinal acute radiation syndrome development.
Opaganib – A Game Changer
Opaganib is a novel, oral, small molecule pill with a remarkable five-year shelf-life. Its ease of administration and distribution make it an attractive option for potential central government stockpiling. If approved, it could play a crucial role in mass casualty nuclear radiation incidents.
RedHill Biopharma’s shares have experienced an 8% increase to $2 in premarket trading. The additional funding received through the Small Business Innovation Research grant will aid in advancing the development of opaganib as a medical countermeasure for gastrointestinal acute radiation syndrome.