First Commercial Quantities of Nascobal(TM) Manufactured and Shipped for October Launch
HAUPPAUGE, N.Y. and MEQUON, Wis. -- Nastech Pharmaceutical Company, Inc. (Nasdaq: NSTK) today announced that it has successfully manufactured and shipped the first commercial quantities of Nascobal(TM) (Cyanocobalamin, USP) Gel for Intranasal Administration, to Schwarz Pharma, Inc. (ADR: SWPHY).
Nascobal is indicated for vitamin B-12 deficiency, including pernicious anemia, a disorder associated with increased morbidity and mortality when untreated. It is estimated that over 1 million patients are currently receiving injectable B-12 therapy. A self-administered nasal gel, Nascobal represents a significant advantage over current dosage forms. The vitamin is effectively absorbed through the nasal mucosa, resulting in therapeutic blood levels being maintained throughout the course of treatment. In July 1997, Nastech announced it licensed sales and marketing rights to Schwarz for the U.S. Nastech retained global manufacturing product rights.
"Manufacturing and shipping commercial quantities of Nascobal ahead of market expectations marks an important achievement for Nastech," said Dr. Vincent D. Romeo, President and CEO of Nastech. "This successful effort will now result in an earlier than planned commercial launch by our partner, Schwarz, in October. Nastech's expertise in nasal drug technology has now been validated by the successful commercialization of two products
-- Nascobal, marketed by Schwarz Pharma, and Stadol(R) NS(TM), a narcotic analgesic marketed by Bristol-Myers Squibb Company."
"We are extremely excited about Nascobal and how it compliments our existing product portfolio," commented Klaus Juelicher, President of Schwarz Pharma US. "The timely delivery of this product allows our sales force to begin marketing Nascobal this year."
Nastech is recognized worldwide as the foremost leader in nasal drug delivery. The company has R&D collaborations and commercial partnerships with several major pharmaceutical companies, including Bristol-Myers Squibb, Pfizer, Dupont-Merck, and Schwarz Pharma, among others, to develop products addressing sleeplessness, pain management, and other therapies.
In addition, the company has expanded its proprietary franchise in nasal technology to include 10 patents covering the nasal delivery of 65 compounds and an additional 3 patents pending.
Any statement contained herein that is not based on historical fact is a forward looking statement within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks and uncertainties. Information on the potential factors which could effect the Company's actual results of operations are included in its filing with the Security and Exchange Commission, including but not limited to its Annual Report on Form 10-K.
/CONTACT: Andrew Zinzi, 516-273-0101, for Nastech Pharmaceutical Company;
Brad Miles, media, or Jonathan Fassberg, investors, of BMC/Trout Group,
212-477-9007/
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