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LONDON, UK / ACCESSWIRE / September 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Opiant Pharmaceuticals, Inc. (NASDAQ: OPNT) ("Opiant"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=OPNT. The Company announced on September 15, 2017, an update on the NARCAN Nasal Spray. The spray is marketed in the US and Canada by Opiant's partner, Adapt Pharma Operations Ltd. Currently, it is the only US Food and Drug Administration approved nasal naloxone product for the emergency treatment of opioid overdose. Subject to the expanding opioid epidemic in the US, the demand for the ready-to-use naloxone market is expanding and will probably advance in the next few years. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Announcement
Opiant is a leading specialty pharmaceutical Company developing pharmacological treatments for addictions. The National Institute on Drug Abuse (NIDA) describes these disorders as chronic relapsing brain diseases which burden the society at both individual and community levels. The Company's NARCAN is approved for marketing in the US and Canada by the Company's partner, Adapt Pharma. In August 2017, the President of the US stated that opioid crisis is a national emergency. Once formalized, the declaration would enable the executive branch to leverage resources towards supplying the first responders with naloxon.
Opiant is also developing other products for Opioid Use Disorder, including the pre-clinical development of the heroin vaccine candidate which was initially licensed in October 2016 from the Walter Reed Army Institute of Research and the NIDA. The Company announced that it plans to maintain an active presence in national organizations such as the National Institute of Health, to minimize Opioid Use Disorder.
Product Highlights
- The nasal spray surpassed $25 million of net sales in H1 2017, triggering SWK Funding LLC's obligation to pay Opiant an additional $3.75 million.
- The co-prescribing of naloxone is mandatory for patients receiving opioid prescriptions, who are considered at high risk of opioid overdose, in Virginia and Vermont.
- The co-prescribing of naloxone is recommended with opioid painkillers by both the Centers for Disease Control (CDC) and The Veterans Administration (VA).
- The NARCAN Nasal Spray can be purchased from pharmacies with a prescription in over 40 states.
- The Company has maintained the price of the NARCAN Nasal Spray at a discounted public interest price of $75 per two-dose pack, or $37.50 per dose.
Additional Payments
On August 10, 2017, Opiant announced that it had received an additional $3.75 million payment from SWK Funding LLC, an affiliate of SWK Holdings Corp., as per the previously announced royalty monetization agreement with SWK. SWK, in December 2016, acquired certain of the NARCAN Nasal Spray royalties and milestone payments for up to $17.5 million. The Company received an initial $13.7 million net payment from SWK at the December 2016 closing, while the additional $3.75 million was based on the achievement of at least $25 million of cumulative net sales of NARCAN during Q1 and Q2 2017.
Last Close Stock Review
At the closing bell, on Friday, September 15, 2017, Opiant Pharma's stock dropped 9.98%, ending the trading session at $24.12. A total volume of 200.60 thousand shares have exchanged hands, which was higher than the 3-month average volume of 52.02 thousand shares. The Company's stock price skyrocketed 336.88% in the last three months, 217.31% in the past six months, and 237.28% in the previous twelve months. Moreover, the stock soared 329.87% since the start of the year. The stock is trading at a PE ratio of 9.62 and currently has a market cap of $54.26 million.
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