Cleveland BioLabs shares rise on contract to develop radiation sickness treatment
April. 3, 2008
NEW YORK - Shares of biotechnology company Cleveland BioLabs Inc. rose Thursday after the company said it won a development contract worth up to $8.9 million to make a radiation sickness treatment for the Department of Defense.
The stock rose 31 cents, or 7.7 percent, to $4.37 in afternoon trading. Shares have traded between $2.03 and $13.99 over the past 52 weeks.
The company is still developing the treatment, called Protectan CBLB502. Phase I, or early stage, studies are planned for the first half of 2008. Cleveland BioLabs said the drug passed safety goals in previous animal studies.
New drug shields against radiation read here
You only need to watch the final three minutes of 1983 nuke war scare film, The Day After, to appreciate the merits of an anti-radiation pill. Daily Tech reports that the Pentagon research arm, DARPA, is funding a university team looking at a new type of anti-radiation treatment:
"More than half of those who suffer acute radiation injury die within 30 days, not from the initial radioactive particles themselves but from the devastation they cause in the immune system, the gastrointestinal tract and other parts of the body. Ideally, we'd like to develop a drug that can be administered within 12 hours of exposure and prevent deaths from what are currently fatal exposure doses of ionizing radiation," explains James Tour, Rice University's Chao Professor of Chemistry and director of Rice's Carbon Nanotechnology Laboratory.
Tour and his colleagues have been awarded a $540,000 grant by the Defense Advanced Research Projects Agency (DARPA) to do further research on a carbon nanotube (CNT) based drug for the treatment of radiation sickness.
This pill differs from others approaches, according to the article:
Tour's group's Nanovector Trojan Horses (NTH) soaks up the harmful free radicals created by radiation poisoning. To make the simple drug, single walled CNTs are coated with two common food preservatives, butylated hydroxyanisole and butylated hydroxytoluene.
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