April 3, 2002
HAUPPAUGE, NEW YORK
Nastech Pharmaceutical Company Inc. (Nasdaq:NSTK) announced today that it has received a $2.0 million development milestone payment from Pharmacia Corporation under their recently announced worldwide Collaboration and License Agreement for intranasally administered apomorphine for sexual dysfunction.
“Our collaboration with Pharmacia in the intranasal apomorphine clinical development program is proceeding on schedule,” stated Steven C. Quay, M.D., Ph.D., Chairman, President and Chief Operating Officer of Nastech. “From this point forward, Pharmacia assumes full responsibility for all clinical development activities, regulatory submissions, and marketing of the product.”
In February 2002 Nastech and Pharmacia entered into an exclusive worldwide agreement for the development and commercialization of intranasal apomorphine for the treatment of male and female sexual dysfunction. Under terms of the agreement, Nastech has received $10.0 million to date, consisting of $5.0 million in non-equity, non-creditable payments and a $5.0 million equity investment at $20 per share. The agreement calls for additional milestone payments, as and when earned, of $43.0 million, cost reimbursements of up to $3.4 million, significant royalty payments upon approval, and transfer payments from Pharmacia for manufacturing intranasal apomorphine.
Nastech Pharmaceutical Company Inc., recognized worldwide as a leader in nasal drug delivery technology, is dedicated to improving patient care by using “Formulation Science,” a systematic approach to drug development using biophysics, physical chemistry, and pharmacology to maximize therapeutic efficacy and safety, and provide new therapeutic options. Additional information on Nastech is available at http://www.nastech.com.
NASTECH SAFE HARBOR STATEMENT
Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statement made by the Company. These factors include, but are not limited to: (i) the Company’s ability to successfully complete product research and development, including pre-clinical and clinical studies and commercialization; (ii) the Company’s ability to obtain required governmental approvals, including product and patent approvals; (iii) the Company’s ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; and (iv) the Company’s ability to develop and commercialize its products before its competitors. In addition, significant fluctuations in quarterly results may occur as a result of varying milestone payments and the timing of costs and expenses related to the Company’s research and development program. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K.
Matthew D. Haines
Director, Corporate Communications
(631) 273-0101, ext. 329
Ellie Kline, ext. 254 (media)
David Walsey, ext. 230 (investors)