Triggers $2 Million Milestone Payment from QOL Medical
BOTHELL, Wash., June 12 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK) announced today the issuance of a U.S. patent, No. 7,229,636, from the U.S. Patent and Trademark Office, titled "Cyanocobalamin Low Viscosity Aqueous Formulations for Intranasal Delivery." Issuance of this patent triggers an obligation by QOL Medical LLC to pay Nastech a $2 million milestone under the license agreement granting QOL Medical commercialization rights to Nascobal(R) (Cyanocobalamin, USP) Nasal Spray. Nastech manufactures Nascobal Nasal Spray for QOL Medical at its manufacturing facility in Hauppauge, New York.
"The issuance of this patent significantly strengthens the competitive position of Nascobal Nasal Spray, which has an established position in the marketplace," stated Steven C. Quay, M.D., Ph.D., Chairman, President and CEO of Nastech. "We are pleased with the progress QOL Medical continues to make in providing patients and physicians with this innovative product."
About Nascobal and Vitamin B-12 Deficiency
Nascobal Nasal Gel had been approved and marketed in the U.S. since 1997 for the treatment of malabsorptive and diet-related vitamin B-12 deficiencies. A nasal spray dosage form, Nascobal Nasal Spray, was developed by Nastech and approved by the FDA in February 2005 and was launched by QOL Medical in February 2006, replacing the gel formulation. Nascobal Nasal Spray is indicated for use in patients with pernicious anemia and other malabsorptive conditions that may be caused by Crohn's Disease, HIV/AIDS, Multiple Sclerosis and other diseases.
Left untreated, vitamin B-12 deficiency may lead to anemia, intestinal problems, and irreversible nerve damage. Symptoms of vitamin B-12 deficiency can include fatigue, weakness, sore tongue, forgetfulness, weight loss, lack of coordination and difficulty walking.
About Nastech
Nastech is a biopharmaceutical company developing innovative products based on proprietary molecular biology-based drug delivery technologies. Nastech and our collaboration partners are developing products for multiple therapeutic areas including osteoporosis, obesity, diabetes, autism, respiratory diseases and inflammatory conditions. Additional information about Nastech is available at http://www.nastech.com.
About QOL Medical
QOL Medical acquires FDA approved specialty pharmaceuticals and uses its unique operational and marketing model to ensure more people who suffer from rare diseases or rare events have access to medications that can improve their quality of life. We are dedicated to improving quality of life for the patients we serve, their families and caregivers. www.qolmed.com
Nastech Forward-Looking Statements
Statements made in this press release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Nastech to obtain additional funding; (ii) the ability of Nastech to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) Nastech's and/or a partner's ability to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) Nastech's and/or a partner's ability to obtain required governmental approvals; and (v) Nastech's and/or a partner's ability to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Nastech's most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Nastech assumes no obligation to update and supplement forward-looking statements because of subsequent events.
Contacts:
Nastech
Ed Bell
Director, Investor Relations
(425) 908-3639
ir@nastech.com
Russo Partners, LLC
Matthew Haines (Investors/Media)
(212) 845-4235
SOURCE Nastech Pharmaceutical Company Inc.
-0- 06/12/2007
/CONTACT: Ed Bell, Director, Investor Relations of Nastech,
+1-425-908-3639, ir@nastech.com; or Investors-Media, Matthew Haines of Russo
Partners, LLC, +1-212-845-4235 /
/Web site: http://www.nastech.com
http://www.qolmed.com /
(NSTK)
CO: Nastech Pharmaceutical Company Inc.; QOL Medical
ST: Washington
IN: MTC HEA
SU: PLW LIC
CL-AA
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2514 06/12/2007 09:15 EDT http://www.prnewswire.com
