Govt support for PharmAthene/Medarex Valortim
PharmAthene, a biodefense company developing medical countermeasures against biological and chemical threats, and fellow USA-based Medarex, which is focused on monoclonal antibodies, have announced that the fiscal year 2008 US Congressional appropriation for the Department of Defense includes up to $1.6 million payable to PharmAthene on a cost reimbursement basis to support ongoing development of Valortim, a fully-human monoclonal antibody. The MAb was generated by Medarex' UltiMAb technology that is being co-developed by the two companies for the prevention and treatment of anthrax infection.
David Wright, chief executive of PharmAthene, commented: "total government funding pledged in support of Valortim over the last four fiscal years is up to $23.0 million, excluding this FY 08 appropriation."
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