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.
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