NIAID exercises option under agreement with BioCryst BioCryst Pharmaceuticals disclosed that on June 17 the company and the National Institute of Allergy and Infectious Diseases, or NIAID, amended their agreement dated September 12, 2013 for the development of BCX4430. NIAID exercised Option 6 under the agreement to conduct drug product development activities relating to the development of an IV formulation of BCX4430, including preformulation and stability studies and the manufacture of non-GMP drug substance. Pursuant to the option, NIAID released an additional $1.89M to the company and all other terms and conditions of the agreement remain unchanged, BioCryst said.
BioCryst upgraded to Buy on BCX7353 potential at BofA/Merrill As previously reported, BofA/Merrill upgraded BioCryst to Buy from Neutral and increased its price target to $19 from $12. The firm raised the probability of BCX7353 approval to 40% from 25% given validation of the plasma kallikrein target by both ‘4161 and competitor product and now assign a $13/share value versus near zero previously. BofA/Merrill is now assigning a modest negative value for '4161 versus approximately $7/share previously.