EMERYVILLE, Calif., Jan. 8, 2015 (GLOBE NEWSWIRE) -- Adamas Pharmaceuticals, Inc. (Nasdaq:ADMS) announced today that it has received a $30 million milestone payment from Forest Laboratories Holdings Limited, a subsidiary of Actavis plc, based on the recent FDA approval of Namzaric™, formerly known as MDX-8704. Adamas developed a fixed-dose combination of memantine hydrochloride extended-release (a NMDA receptor antagonist) and donepezil hydrochloride (an acetylcholinesterase inhibitor) initially, and Namzaric is the first and only such fixed-dose combination approved by the FDA for the treatment of moderate to severe dementia of the Alzheimer's type in patients stabilized on memantine hydrochloride and donepezil hydrochloride. Namzaric is covered by multiple Adamas US patents that extend up to 2029.
"Namzaric is the second product covered by Adamas' patents licensed in the US to Forest, that has been approved for patients suffering with Alzheimer's disease," said Gregory T. Went, Ph.D., Chairman and CEO of Adamas. "This milestone achievement provides continuing evidence of the potential of our technology platform to enhance the pharmacokinetics properties of existing drugs -- alone and in fixed-dose combinations. Beyond Namzaric, there are many existing neurology drugs that represent opportunities for substantial therapeutic improvement under the Adamas technology platform either in conjunction with development partners, or as new products or indications that Adamas can develop and launch on its own, as we are doing with ADS-5102 (amantadine HCl)."
Adamas Pharmaceuticals, Inc. is a specialty pharmaceutical company driven to improve the lives of those affected by chronic disorders of the central nervous system. The company achieves this by modifying the pharmacokinetic profiles of approved drugs to create novel therapeutics for use alone or in fixed-dose combination products. Adamas is currently developing its lead wholly-owned product candidate, ADS-5102, for a complication of Parkinson's disease known as levodopa-induced dyskinesia, or LID, and is evaluating other potential indications. The company's portfolio also includes two approved products developed with Forest. The first is a fixed-dose combination product, Namzaric, and the second is a controlled-release product, Namenda XR®. Forest markets both products in the United States under an exclusive license from Adamas. For more information, please visit www.adamaspharma.com.
Namenda XR® is a registered trademark of Merz Pharma GmbH & Co. KGaA.
NamzaricTM is a trademark of Actavis, Inc. or its affiliates.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," "would," and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. Such statements contained in this press release include expectations regarding the Adamas' platform and potential product opportunities. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, including risks relating to the competitive environment and the effectiveness of the intellectual property portfolio, as well as risks relating to Adamas' business in general, see Adamas' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2014. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Adamas undertakes no obligation to update any forward-looking statement in this press release.
CONTACT: Julie Wood Corporate Communications & Investor Relations Adamas Pharmaceuticals, Inc. Phone: 510-450-3528
Source:Adamas Pharmaceuticals, Inc.