SANTA MONICA, Calif., March 07, 2016 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (OTCQB:LLTP), a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive and eating disorders, announced the receipt of a $2.5 million milestone payment from Adapt Pharma Limited (“Adapt”) following its first commercial sale of NARCAN® Nasal Spray in the U.S. NARCAN® Nasal Spray is the only U.S. Food and Drug Administration (FDA) approved, ready-to-use, nasal spray version of naloxone hydrochloride, indicated for the emergency treatment of known or suspected opioid overdose.
“Adapt’s launch of NARCAN® Nasal Spray, which is based on our intranasal opioid antagonist platform, is a timely one considering the increase in opioid overdose that has impacted the U.S.,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “We plan to use this milestone payment for operational activities and to progress our intranasal opioid antagonist treatment platform.”
In December 2014, Opiant announced a licensing deal with a subsidiary of Adapt. In exchange for licensing its opioid overdose reversal treatment, Opiant could receive total potential milestone payments of more than $55 million, plus up to double-digit percentage royalties on net sales.
Indications and Important Safety Information: http://www.NarcanNasalSpray.com.
About Opiant Pharmaceuticals, Inc.
Opiant Pharmaceuticals, Inc., is a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive and eating disorders. Over 45 million people in the U.S. have one of these disorders. The National Institute on Drug Abuse (NIDA), a division of the National Institutes of Health (NIH), describes these disorders as chronic relapsing brain diseases which burden society at both the individual and community levels. With its innovative opioid antagonist nasal delivery technology, Opiant is positioned to become a leader in these treatment markets. Its first product, NARCAN® Nasal Spray, is approved for marketing in the U.S. by the company’s partner, Adapt Pharma Limited. Currently, Opiant is developing opioid antagonists for the treatment of substance use, addictive and eating disorders, with a near term focus on cocaine use disorder and binge eating disorder (BED). For more information please visit: www.opiant.com.
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
Source:Opiant Pharmaceuticals, Inc.