Ensysce Biosciences rises on US government grant for its pain relief drug

Ensysce Biosciences

27/08/2024 13:48

** Shares of drug developer Ensysce Biosciences  ENSC.O 
rise 63.6% to 71 cents premarket
    ** Co says it has received a $14 mln multi-year grant from
the National Institutes of Health and National Institute on Drug
Abuse for the continued development of PF614-MPAR, an
abuse-deterrent opioid with overdose protection
    ** Funding from this award will be available over a period
of about three years, allowing for the completion of an
early-stage trial on the drug
    ** With this funding, adding to the two prior grants of over
$26 mln, Ensysce intends to quickly drive PF614-MPAR through
clinical development, co says
    ** The drug is designed to provide optimal pain relief at
prescribed doses, yet limit accidental or intentional overdose
by 'shutting down' opioid release if too much active drug is
consumed - ENSC
    ** Up to last close, stock down 58.7% YTD

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))