Annapolis biodefense company PharmAthene Inc. has formed a strategic alliance with a Florida-based federal contractor to collaborate on development of a nerve agent treatment and other products.
PharmAthene and Nanotherapeutics Inc. will share their expertise and resources under an agreement, financial details of which they did not disclose. Their first collaboration will be on PharmAthene's medical countermeasure for nerve agent poisoning.
Nanotherapeutics, based in Alachua, Fla., has a $359 million, 10-year contract with the Department of Defense to develop and manufacture vaccines and other treatments.
"There is a real concern that the nation is not as prepared for manmade and naturally occurring biothreats as it can be and should be," PharmAthene CEO Eric I. Richman said in a statement. "We believe our alliance with Nanotherapeutics will accelerate the development and availability of promising medical countermeasures."
Shares of PharmAthene, traded under the ticker PIP on the NYSE MKT LLC exchange, were up by a dime in afternoon trading, at $2.27.