SANTA MONICA, Calif., Oct. 05, 2016 (GLOBE NEWSWIRE) — Opiant Pharmaceuticals, Inc. (“Opiant”) (OTCQB:OPNT), a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive and eating disorders, announced that NARCAN® Nasal Spray was granted approval by Health Canada.
“This is a life-saving move by Canada’s health minister who has declared a significant public health emergency,” said Opiant’s Chief Executive Officer, Roger Crystal, M.D. “We are pleased that our commercial partner Adapt cooperated with Health Canada to help expedite the approval of NARCAN® Nasal Spray, and we look forward to expanded market availability of NARCAN® in Canada in the near future.”
“We are excited by Adapt’s commitment to this critical treatment and progress in Canada,” said Kevin Pollack, Opiant’s Chief Financial Officer. “From a financial perspective, we expect to receive a milestone payment triggered by Health Canada’s approval.”
NARCAN® Nasal Spray, launched in the U.S. in February, is the only FDA-approved naloxone nasal spray for emergency treatment of known or suspected opioid overdose.
In December 2014, Opiant announced a licensing deal with a subsidiary of Adapt. Pursuant to the terms of the agreement, 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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