Basilea Pharmaceutica Ltd (0QNA.L) announced that the Biomedical Advanced Research and Development Authority (BARDA), part of the US Department of Health and Human Services, has transferred a contract from Venatorx Pharmaceuticals, Inc. to Basilea. This contract supports the development of ceftibuten-ledaborbactam etzadroxil, a novel oral antibiotic designed to treat complicated urinary tract infections (cUTIs), including pyelonephritis. Basilea recently acquired global rights to the drug from Venatorx.
Under the terms of the contract, Basilea will be reimbursed for a portion of the development costs, including those related to planned Phase 3 clinical trials. The total non-dilutive funding available through the contract amounts to up to US$159 million, beginning with a committed US$6 million and extending to an additional US$153 million contingent on the achievement of predefined milestones.
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