UMB Licensee Countervail Wins $343,000 Grant to Support Drug Research
Monday, October 14, 2013
Pharmaceutical startup Countervail Corp. has received a $343,000 federal grant to advance its drug research.
The Charlotte company is developing a new use for galantamine, an Alzheimer’s drug. It wants to gain U.S. Food and Drug Administration approval to use galantamine to counteract the effects of poisoning from nerve gas and pesticides.
“The goal here is to develop a drug that can, quite frankly, better protect the nation,” says Bill Basinger, president and chief executive.
Countervail holds an exclusive license for global commercialization of galantamine, which it plans to market under the name AverTox. It has licensed intellectual property related to the drug from the University of Maryland School of Medicine.