AcelRx Pharmaceuticals, Inc. (NASDAQ: ACRX) stock surged 15.29% on Monday. The drug manufacturer company earlier revealed that it has secured a contract from the US Army. The U.S. Army has granted an initial contract of up to approximately $3.6 million for the purchase of DSUVIA to support a study to aid the development of clinical practice guidelines to AcelRx Pharmaceuticals.
As per the agreement, the initial purchase is expected this year and the company will be able to fulfill the orders mentioned in the agreement in the next four years as per the agreement conditions. DSUVIA’s high therapeutic index, unique pharmacokinetic profile, and efficient sublingual delivery will make it as a key option for acute pain management across all branches of the military.
DSUVIA which is also known as DZUVEO has received approval from the FDA in 2018. This medicine is used for the management of severe pain which required an opioid analgesic, and for which alternative treatments are not enough. DSUVIA is a single-strength solid dosage form inject under the tongue via a single-dose applicator (SDA) by healthcare professionals.
AcelRx Pharmaceuticals, Inc. (NASDAQ: ACRX) shares were trading up 15.29% at $1.81 at the time of writing on Monday. AcelRx Pharmaceuticals, Inc. (ACRX) share price went from a low point around $0.70 to briefly over $2.68 in the past 52 weeks. It has traded up 158.06% from its 52-weeks low and traded down -32.46% from its 52-weeks high. ACRX market cap has remained high, hitting $142.61 million at the time of writing.
AcelRx has earlier announced that all the branches of the military will be able to access DSUVIA. The company has added the DSUVIA to the Department of Defense Joint Deployment Formulary (JDF). The JDF is a basic list of pharmaceutical products designated for the deployment of military units in all service branches.
The company has earlier participated in H.C. Wainwright & Co. 22nd Annual Global Investment Conference and Cantor Fitzgerald Virtual Global Healthcare Conference on September 14, and 16, respectively.