NEW YORK, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Lightlake Therapeutics Inc. (“Lightlake”) (OTCQB:LLTP), a specialty pharmaceutical company developing pharmacological treatments for substance use, addiction, and eating disorders announced today that Adapt Pharma Limited (“Adapt”), Lightlake’s commercial partner for NARCAN® Nasal Spray, has, in support of White House efforts to address the opioid overdose epidemic and a community forum in Knoxville, Tennessee, announced that it has reached an agreement to facilitate the purchase of NARCAN® Nasal Spray by offering its discounted public interest price to 62,000 agencies in state and local government and the non-profit sector.
NARCAN® Nasal Spray is the only U.S. Food and Drug Administration (“FDA”) approved, ready-to-use, nasal spray version of naloxone hydrochloride, indicated for the emergency treatment of opioid overdose.
Adapt, in partnership with the National Association of Counties, National Governors Association, National League of Cities, and United States Conference of Mayors, will offer NARCAN® Nasal Spray at a discounted public interest price of $37.50 per dose ($75 for a 2 pack carton) through the U.S. Communities Purchasing Alliance and Premier, Inc. Adapt’s discounted public interest price is available to qualifying group purchasers, such as law enforcement, firefighters, first responders, departments of health, local school districts, colleges and universities, and community-based organizations. This partnership comes as deaths from opioid-based prescription painkillers and heroin have reached epidemic proportions in the U.S., surging to over 29,000 in 2014, according to figures released in December 2015 by the Centers for Disease Control and Prevention.
“We’re pleased that Adapt has rapidly commercialized this product. They’re committing significant resources to ensure NARCAN® Nasal Spray gets to those organizations and communities with urgent need and they’re providing it at a discounted price,” said Dr. Roger Crystal, M.D., CEO of Lightlake. “Lightlake is very proud to see the drug the company developed making it to market, and being able to address one of the major health crises in the U.S.”
In December 2014, Lightlake announced a licensing deal with a subsidiary of Adapt. As per the terms of the deal, in exchange for licensing its opioid overdose reversal treatment, Lightlake could receive total potential milestone payments of more than $55 million, plus up to double-digit percentage royalties on net sales. The FDA approved NARCAN® Nasal Spray on November 18, 2015 and Lightlake received a $2.0 milestone payment from Adapt that was triggered by the FDA approval of NARCAN® Nasal Spray. Lightlake also expects to receive a $2.5 million milestone payment from Adapt after the prospective first commercial sale of NARCAN® Nasal Spray in the U.S.
Lightlake plans to now focus on developing products for substance abuse, addictions, and eating disorders. Over the next year, Lightlake plans to bring the next generation of products into clinical trials.
Relevant Links
Adapt Pharma Limited: http://www.adaptpharma.com/press-releases/
Indications and Important Safety Information: http://www.NarcanNasalSpray.com
About Lightlake Therapeutics Inc.
Lightlake Therapeutics Inc. is a specialty pharmaceutical company developing pharmacological treatments for substance use, addiction, and eating disorders. Lightlake has entered into a licensing deal with a subsidiary of Adapt Pharma Limited with respect to a treatment to reverse opioid overdoses, which have reached epidemic proportions in the United States. This treatment, NARCAN® Nasal Spray, was approved by the U.S. Food and Drug Administration in November 2015. Lightlake also has collaborated on clinical trials with the National Institute on Drug Abuse, part of the National Institutes of Health, with respect to this treatment. In addition, Lightlake has completed a Phase II clinical trial to treat Binge Eating Disorder, and has announced a Cocaine Use Disorder study in collaboration with the National Institute on Drug Abuse. For more information please visit: www.lightlaketherapeutics.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.
Corporate Contact: Lightlake Therapeutics Inc. 445 Park Avenue, 9th Floor New York, NY 10022 Dr. Roger Crystal, CEO (212) 829-5546 investor.relations@lightlaketherapeutics.com
