Sarepta Therapeutics (SPRT) Discloses Stop-Work Order from DoD
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Sarepta Therapeutics, Inc. (Nasdaq: SRPT) is seeing a little pressure after-hours Friday as the result of a stop-work order from the U.S. Department of Defense due to budget constraints.
From the filing:
On August 2, 2012, Sarepta Therapeutics, Inc. (the “Company”) received a stop-work order from the U.S. Department of Defense (“DoD”) with respect to the Ebola portion of the contract for Advanced Development of Hemorrhagic Fever Virus Therapeutics. The stop-work order stated that the action is being taken due to recently imposed funding constraints. The stop-work order does not apply to the Company’s ongoing Marburg effort funded under the same contract. The stop-work order will remain in effect until September 1, 2012, and prior to that time the DoD will either: (1) terminate the Ebola portion of the contract; (2) cancel the stop-work order; or (3) extend the stop-work order period, if necessary.
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From the filing:
On August 2, 2012, Sarepta Therapeutics, Inc. (the “Company”) received a stop-work order from the U.S. Department of Defense (“DoD”) with respect to the Ebola portion of the contract for Advanced Development of Hemorrhagic Fever Virus Therapeutics. The stop-work order stated that the action is being taken due to recently imposed funding constraints. The stop-work order does not apply to the Company’s ongoing Marburg effort funded under the same contract. The stop-work order will remain in effect until September 1, 2012, and prior to that time the DoD will either: (1) terminate the Ebola portion of the contract; (2) cancel the stop-work order; or (3) extend the stop-work order period, if necessary.
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