Cidara Therapeutics, Inc. (NASDAQ:CDTX) shares are trading higher Friday after the company secured $339 million in BARDA funding to advance its CD388 pandemic influenza therapeutic and onshore its manufacturing.
What To Know: The agreement includes $58 million in base funding over 24 months to support the onshoring of CD388 manufacturing in the United States, conduct a clinical trial to compare higher-concentration formulations, test different presentations, further evaluate activity in non-clinical models and begin developing protocols for expanded populations.
Option periods could provide up to an additional $281 million if exercised, funding expanded clinical and non-clinical studies and supporting a potential Biologics License Application submission to the U.S. Food and Drug Administration.
CDTX Price Action: At the time of writing, Cidara shares are trading 5.58% higher at $104.00, according to data from Benzinga Pro.
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