Opiant Pharma Secures Additional BARDA Funding For Opioid Overdose Treatment

The Biomedical Advanced Research and Development Authority (BARDA) has awarded an additional approximately $2.1 million to Opiant Pharmaceuticals Inc OPNT to support OPNT003, nasal nalmefene, for opioid overdose.
The increase in funding is primarily directed toward preparing and filing a marketing application for OPNT003 to the FDA.
OPNT003 is a nasal formulation containing the high-affinity opioid antagonist nalmefene.
Opiant has initiated the rolling submission of a marketing application to the FDA for OPNT003 using the 505(b)(2) pathway and intends to complete the filing in 2H 2022.
Earlier awards from BARDA for $8.7 million, combined with a $7.4 million grant Opiant received from the National Institute on Drug Abuse, have also supported the clinical development and U.S. regulatory submission of OPNT003.
The contract with BARDA will also potentially allow for the development of OPNT003 as a medical countermeasure in a chemical attack using weaponized synthetic opioids and reversal of opioid overdoses in the community.
Price Action: OPNT shares closed 16% lower at $10.00 during after-hours trading on Monday.