SANTA MONICA, Calif., June 09, 2016 (GLOBE NEWSWIRE) — Opiant Pharmaceuticals, Inc. (“Opiant”) (OTCQB:OPNT), a specialty pharmaceutical company developing pharmacological treatments for substance use, addictive and eating disorders, today reported financial results for the fiscal third quarter ended April 30, 2016.
“The third quarter was one of continued progress and development at the company,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “We added key people to our board of directors. Our cocaine use disorder study is progressing. Adapt Pharma Limited, our NARCAN® Nasal Spray partner, has launched the product in the U.S., which triggered milestone and royalty payments to Opiant, as well as worked to expand the product to new markets.”
Third Quarter 2016 and Recent Highlights
- Announced the appointment of Mark Ellison, Ph.D., as Executive Vice President, Development, Manufacturing and Quality.
- Announced the change of the company name to Opiant Pharmaceuticals, Inc., from Lightlake Therapeutics Inc. and a new stock symbol “OPNT”.
- Convened a medical advisory board to discuss the Opiant’s development programs in substance abuse, addictive and eating disorders.
- Received a $2.5 million milestone payment from Adapt Pharma Limited (“Adapt”) following Adapt’s first commercial sale of NARCAN® Nasal Spray in the U.S.
- Adapt submitted a New Drug Submission for naloxone nasal spray to Health Canada.
- Appointed Gabrielle A. Silver, M.D., and Ann MacDougall, J.D., to Opiant’s Board of Directors.
Clinical Program Update
Opiant develops treatments for substance abuse, addictive and eating disorders. Opiant expects the following events to occur during early fiscal year 2017:
- 1H17: Report top-line results of the Phase II study in patients with cocaine use disorder.
- 1Q17: Initiate dosing in a Phase II study in patients with eating disorders.
Financial Results
Quarter ended April 30, 2016 compared to quarter ended April 30, 2015
For the quarter ended April 30, 2016, Opiant reported a net profit of $416 thousand, or $0.15 per fully-diluted share, compared to a net loss of $1.9 million, or $1.01 per basic and fully-diluted share, for the same period in 2015. The increase was primarily due to the $2.5 million milestone payment from Adapt due to the launch of Narcan® Nasal Spray in the U.S.
Research and development expense in the quarter ended April 30, 2016, was $1.1 million compared to $97 thousand for the quarter ended April 30, 2015. General and administrative expense was $1.1 million in the quarter ended April 30, 2016, compared to $1.9 million for the quarter ended April 30, 2015. The increase in research and development expense was primarily due to additional stock-based compensation for research and development services. The decrease general and administrative expense was primarily due to stock-based compensation expense recorded during the three months ended April 30, 2015 related to the grant of options and warrants during the period that did not repeat during the three months ended April 30, 2016.
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.
Forward-Looking Statements
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.
Financial tables to follow
Opiant Pharmaceuticals, Inc.
(formerly Lightlake Therapeutics Inc.)
Balance Sheets (Unaudited)
As of April 30, 2016 and July 31, 2015
| April 30, | July 31, | |||||||
| 2016 | 2015 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 2,363,465 | $ | 434,217 | ||||
| Prepaid insurance | 70,376 | 33,143 | ||||||
| Total current assets | 2,433,841 | 467,360 | ||||||
| Other assets | ||||||||
| Computer equipment (net of accumulated amortization of $158 at April 30, 2016 and $0 at July 31, 2015) | 6,370 | – | ||||||
| Patents and patent applications (net of accumulated amortization of $8,044 at April 30, 2016 and $7,015 at July 31, 2015) | 19,406 | 20,435 | ||||||
| Total assets | $ | 2,459,617 | $ | 487,795 | ||||
| Liabilities and Stockholders’ Deficit | ||||||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 206,821 | $ | 315,460 | ||||
| Accrued salaries and wages | 3,630,596 | 3,129,060 | ||||||
| Deferred revenue | 250,000 | – | ||||||
| Due to related parties | – | 130,000 | ||||||
| Total current liabilities | 4,087,417 | 3,574,520 | ||||||
| Deferred revenue | 2,083,500 | 5,300,000 | ||||||
| Total liabilities | 6,170,917 | 8,874,520 | ||||||
| Stockholders’ deficit | ||||||||
| Common stock; par value $0.001; 1,000,000,000 shares authorized; | ||||||||
| 1,981,433 shares issued and outstanding at April 30, 2016 and 1,841,866 shares issued and outstanding at July 31, 2015 | 1,981 | 1,842 | ||||||
| Additional paid-in capital | 56,381,654 | 44,982,519 | ||||||
| Accumulated deficit | (60,094,935 | ) | (53,371,086 | ) | ||||
| Total stockholders’ deficit | (3,711,300 | ) | (8,386,725 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 2,459,617 | $ | 487,795 | ||||
Opiant Pharmaceuticals, Inc.
(formerly Lightlake Therapeutics Inc.)
Statements of Operations (Unaudited)
For the three and nine months ended April 30, 2016 and 2015
| For the | For the | |||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| April 30, | April 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenue | $ | 2,605,097 | $ | 120,000 | $ | 9,585,097 | $ | 680,000 | ||||||||
| Operating expenses | ||||||||||||||||
| General and administrative | 1,130,730 | 1,863,512 | 14,407,688 | 4,710,134 | ||||||||||||
| Research and development | 1,062,505 | 96,906 | 1,865,014 | 1,340,754 | ||||||||||||
| Total operating expenses | 2,193,235 | 1,960,418 | 16,272,702 | 6,050,888 | ||||||||||||
| Income (loss) from operations | 411,862 | (1,840,418 | ) | (6,687,605 | ) | (5,370,888 | ) | |||||||||
| Other income (expense) | ||||||||||||||||
| Interest income (expense) | – | 4,102 | (11,319 | ) | (23,480 | ) | ||||||||||
| Income (loss) on foreign exchange | 4,266 | (14,379 | ) | (24,925 | ) | (7,278 | ) | |||||||||
| Total other income (expense) | 4,266 | (10,277 | ) | (36,244 | ) | (30,758 | ) | |||||||||
| Income (loss) before provision for income taxes | 416,128 | (1,850,695 | ) | (6,723,849 | ) | (5,401,646 | ) | |||||||||
| Provision for income taxes | – | – | – | – | ||||||||||||
| Net income (loss) | $ | 416,128 | $ | (1,850,695 | ) | $ | (6,723,849 | ) | $ | (5,401,646 | ) | |||||
| Basic income (loss) per common share | $ | 0.22 | $ | (1.01 | ) | $ | (3.57 | ) | $ | (2.99 | ) | |||||
| Diluted income (loss) per common share | $ | 0.15 | $ | (1.01 | ) | $ | (3.57 | ) | $ | (2.99 | ) | |||||
| Basic weighted average common shares outstanding | 1,916,554 | 1,830,134 | 1,882,088 | 1,803,634 | ||||||||||||
| Diluted weighted average common shares outstanding | 2,734,760 | 1,830,134 | 1,882,088 | 1,803,634 | ||||||||||||
CONTACT: CONTACT INFORMATION: Corporate Contact: [email protected] Media Relations and Investor Relations: Robert E. Flamm, Ph.D. [email protected] (212) 845-4226