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BioCryst Ships Flu Drug to U.S. Government: BioBuzz

BIRMINGHAM, Ala. (TheStreet) -- BioCryst Pharmaceuticals (BCRX) said Thursday that it shipped 10,000 courses of its intravenous H1N1 flu drug peramivir , valued at $22.5 million, to the U.S. government.

The number of peramivir courses ordered initially by the U.S. Department of Health and Human Services is lower than the maximum 40,000 courses conceived under the agency's original request submitted to the company in late September.

But the $2,250-per-course price that the U.S. government is paying to stockpile peramivir is on the high end, if not higher, than expectations.

The peramivir shipped Wednesday enters the government stockpile and will be distributed by the Centers for Disease Control and Prevention to doctors on a per-patient basis when need to treat seriously ill, hospitalized patients stricken with the H1N1 flu virus.

Peramivir is not an approved drug, so CDC is tightly controlling its distribution.

BioCryst is manufacturing another 120,000 courses of peramivir in case the government requires additional stockpiles. Under its existing contract, the government could purchase another 30,000 courses of the drug.

BioCryst shares closed Wednesday at $10.10.

-- Reported by Adam Feuerstein in Boston

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Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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