Opiant Pharmaceuticals Inc (OTCQB:OPNT) has received regulatory clearance in Canada for its Narcan opioid overdose nasal spray.
“This is a life-saving move by Canada’s health minister who has declared a significant public health emergency,” said Roger Crystal, Opiant’s chief executive.
“We are pleased that our commercial partner Adapt cooperated with Health Canada to help expedite the approval,” he added.
Kevin Pollack, Opiant’s chief financial officer, added: “From a financial perspective, we expect to receive a milestone payment triggered by Health Canada’s approval.”
Opiant agreed a licensing deal with a subsidiary of Adapt in 2014.
Through this, Opiant can receive total potential milestone payments of more than US$55mln plus up to double-digit percentage royalties on net sales.
Narcan was launched in the US in February by Adapt and is the only naloxone nasal spray for emergency treatment approved by the US FDA for known or suspected drug overdoses.
Shares in California-based Opiant rose 2% to US$8.25.
Story by ProactiveInvestors