The $5.3 million will be recorded on the Company’s balance sheet for the period ended December 31, 2017.
SANTA MONICA, Calif., Jan. 02, 2018 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, (“Opiant”) (NASDAQ:OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions, today announced the receipt of approximately $5.3 million of cash as a result of the exercise of a total of 356,790 warrants at prices of $10.00 and $15.00 per warrant by two individual investors.
“Receiving approximately $5.3 million in cash, in combination with our recently announced ability to capture 90 percent of royalty and milestone payments from NARCAN® sales beginning in the first quarter of 2018, significantly strengthens our financial position,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “We remain excited about the growing commercial potential of NARCAN, as well as the prospects of our robust addiction-related development pipeline.”
The $5.3 million will be recorded on the Company’s balance sheet for the period ended December 31, 2017.
About Opiant Pharmaceuticals, Inc.
Opiant Pharmaceuticals, Inc. is a specialty pharmaceutical company developing pharmacological treatments for addictions. NIDA, a division of the NIH, describes these disorders as chronic relapsing brain diseases which burden society at both the individual and community levels. With its innovative opioid antagonist nasal delivery technology, Opiant is positioned to become a leader in these treatment markets. Its first product, NARCAN® Nasal Spray, is approved for marketing in the U.S. and Canada by the company’s partner, Adapt Pharma Operations Limited. For more information please visit: www.opiant.com.
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CONTACTS:
Dan Ferry
Managing Director
LifeSci Advisors, LLC
Daniel@lifesciadvisors.com
(617) 535-7746
