Opiant Expects to Receive 90% of NARCAN Sales-Related Royalty and Milestone Payments, Going Forward
SANTA MONICA, Calif., Dec. 20, 2017 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ:OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions, today announced that it expects that, beginning in the first quarter of 2018, it will receive 90% of royalty and milestone payments related to NARCAN sales directly from Adapt Pharma. Correspondingly, the royalty and milestone payments due to SWK Holdings will now be reduced to 10%, as they will have been paid the $26.25 million per the royalty monetization agreement between Opiant and SWK.
Actual royalty revenue to be recorded by Opiant for the period ending December 31, 2017, will be reported in the Company’s 10-K for the period of August 1, 2017, through December 31, 2017.
“The ability to capture milestones and royalties from NARCAN sales will have a significant impact on our balance sheet,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “Most importantly, our cash runway will now be extended, thereby reducing the amount of financing required, as we continue to focus on advancing our promising pipeline of addiction-related product candidates. Looking ahead, we expect Adapt to achieve continued success with NARCAN. We are encouraged that Aetna will become the first national payer to waive copays for NARCAN for its fully-insured commercial members. Additionally, Walgreens recently announced that it is now stocking NARCAN in all of its over 8,000 pharmacies throughout the U.S.”
NARCAN is the only FDA-approved naloxone nasal spray for the emergency treatment of known or suspected opioid overdose. NARCAN Nasal Spray is approved for marketing in the U.S. and Canada by Opiant’s partner, Adapt Pharma Limited.
About Opiant Pharmaceuticals, Inc.
Opiant Pharmaceuticals, Inc. is a specialty pharmaceutical company developing pharmacological treatments for addictions. NIDA, a division of the 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. and Canada by the company’s partner, Adapt Pharma Operations Limited. For more information please visit: www.opiant.com.
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Dan Ferry
Managing Director
LifeSci Advisors, LLC
Daniel@lifesciadvisors.com
(617) 535-7746