SANTA MONICA, Calif, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ:OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions, today reported financial results for the fiscal fourth quarter and year ended July 31, 2017.
“I recently testified before the President’s Commission on Combating Drug Addiction and the Opioid Crisis, where industry experts and advocates came together to discuss strategies to combat and treat drug abuse, addiction and the opioid epidemic. This gathering of experts further strengthened our resolve to continue the advancement of our pipeline of addiction therapies,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “Fiscal 2017 was a transformational year for Opiant, marked by a significant increase in sales of NARCAN® Nasal Spray. We expect fiscal 2018 will be another exciting year, and we believe we are well positioned to execute on our mission to develop novel therapeutics that transform the lives of patients with addictions.”
Fourth Quarter 2017 and Recent Highlights
Received an additional $3.75 million in funding from SWK Funding LLC (“SWK”), which was triggered by surpassing $25.0 million of net sales of NARCAN® Nasal Spray (“NARCAN”) for the first half of calendar 2017.
Announced that shares of our common stock were approved for listing on the Nasdaq Capital Market (“Nasdaq”).
Strengthened the leadership team through the appointment of David O’Toole as Chief Financial Officer.
Announced a collaboration with Titan Pharmaceuticals to explore development of a novel approach to the prevention of opioid relapse and overdose in individuals with opioid use disorder.
Generated encouraging Phase I data for OPNT002, in development for the treatment of Alcohol Use Disorder (AUD).
Licensed Aegis Therapeutics’ Intravail® drug delivery technology, which can improve the absorption of drugs delivered nasally.
- Had three additional patents issued for NARCAN® Nasal Spray in the U.S. Food and Drug Administration (FDA) publication, Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. There are now six Orange Book-listed patents covering NARCAN®.
Expected Clinical Goals
Further advance OPNT002 for AUD in the second half of calendar 2017.
Complete enrollment of patients in the OPNT001 Phase II Study for Bulimia Nervosa by end of calendar Q2 2018.
- Further advance the pre-clinical development of Opiant’s heroin vaccine candidate, which was licensed in October 2016 from the Walter Reed Army Institute of Research and the National Institute on Drug Abuse (NIDA).
Financial Results
Quarter ended July 31, 2017 compared to quarter ended July 31, 2016
For the quarter ended July 31, 2017, Opiant generated revenue of approximately $3.75 million, compared to approximately $0.3 million in the corresponding period in 2016. The increase was primarily due to the $3.75 million milestone payment that was earned under the royalty monetization agreement with SWK.
General and administrative expenses were approximately $2.0 million in the quarter ended July 31, 2017, compared to approximately $1.2 million in the corresponding period in 2016. The increase was primarily due to compensation expense from increased headcount, consulting expense and legal fees.
Research and development expenses were approximately $1.3 million for the quarter ended July 31, 2017, compared to approximately $0.2 million for the same period in 2016. The increase was primarily due to compensation expense associated with the hiring of our Chief Scientific Officer and additional clinical trial personnel in our UK office.
Selling expenses were approximately $0.3 million compared to approximately $16 thousand for the same period in 2016.
For the quarter ended July 31, 2017, Opiant reported a net loss of approximately $0.3 million, or a net loss of $0.17 per basic share and fully-diluted share, compared to a net loss of approximately $1.1 million, or a net loss of $0.57 per basic share and fully-diluted share, for the same period in 2016.
