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Opiant Pharmaceuticals, Inc. Reports Second Quarter 2018 Financial Results and Provides Corporate Update | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: Nasdaq / GlobeNewswire - 09 Aug 2018 | Back to overview list |
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SANTA MONICA, Calif., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions and drug overdose, today reported financial results for the quarter and six months ended June 30, 2018, and provided a corporate update. “Opiant is in a strong position to execute its operating plan,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “As a leader in addiction and drug overdose with an approved product and others in development targeting several substantial markets with critical unmet needs, we are well-positioned to create significant long-term shareholder value. We have a growing royalty revenue stream from net sales of NARCAN® Nasal Spray for the treatment of opioid overdose by our commercial partner, Adapt Pharmaceuticals (“Adapt”), and our successful development of this product serves to de-risk our robust and advancing pipeline.” “Importantly, we are supported by a strong financial profile, with cash of approximately $11.2 million at the end of the second quarter,” continued Dr. Crystal. “Beyond our balance sheet, we were recently awarded a grant of approximately $7.4 million from the National Institutes of Health’s (“NIH”) National Institute on Drug Abuse for the development of OPNT003, our lead product candidate. OPNT003, nasal nalmefene, is a long-acting opioid antagonist currently in development for the treatment of opioid overdose. We believe our financial resources are sufficient to fund the completion of a registration study for OPNT003, and the results from two Phase II studies for our other product candidates, OPNT001 for Bulimia Nervosa and OPNT002 for Alcohol Use Disorder.” “We achieved significant sequential growth of over 70% in royalty revenue in the second quarter of 2018,” said David O’Toole, Chief Financial Officer of Opiant. “These results provide a strong foundation for potential further NARCAN® success in the second half of the year.” Recent Corporate Highlights
- Phil Skolnick, Ph.D., Opiant’s Chief Scientific Officer, chaired a panel titled, “The Opioid Epidemic: Crisis and Solutions,” and Dr. Crystal served as a panelist - Dr. Skolnick received the 2018 “Donald Klein Lifetime Achievement Award” for his contributions to the field of neuropsychopharmacology
- Dr. Crystal served as a panelist on “Biology of Pain and Addiction – Next Generation Treatments for Pain and Addiction” • Recent national TV appearances, including ‘Fox and Friends’ and Fox Business Network’s “Mornings with Maria” – https://www.opiant.com/media/ Financial Results for the Second Quarter Ended June 30, 2018 General and Administrative expenses for the three months ended June 30, 2018, were approximately $2.9 million, compared to $1.9 million in the comparable period of 2017. The increase was primarily due to a $0.7 million increase associated with stock-based compensation expense and a $0.3 million increase attributed to employee salaries and related expense, during the three months ended June 30, 2018, as compared to the three months ended June 30, 2017. Research and development expenses for the three months ended June 30, 2018, were approximately $1.6 million, compared to approximately $1.4 million in the comparable period of 2017. The increase was primarily attributable to a $0.4 million increase in stock-based compensation expense and an increase of $0.3 million in personnel and related expense, partially offset by a $0.5 million reduction in third-party expenses associated with Opiant’s research and development programs. Net loss for the three months ended June 30, 2018, was $1.4 million, or a loss of $0.52 per basic and diluted share, compared to net income of $0.2 million, or income of $0.12 per basic share and $0.11 per diluted share, for the comparable period of 2017. Six Months Ended June 30, 2018 Financial Results General and administrative expenses for the six months ended June 30, 2018, were approximately $5.8 million, compared to $3.7 million for the six months ended June 30, 2017. The increase was primarily due to a $1.6 million increase associated with stock-based compensation expense, and $0.5 million increase in corporate overhead. Research and development expenses for the six months ended June 30, 2018, were approximately $4.0 million, compared to $2.3 million in the comparable period of 2017. The increase was primarily attributable to a $0.7 million increase in stock-based compensation expense, a $0.6 million increase in personnel and related expense, and a $0.4 million increase in third-party expenses associated with Opiant’s research and development programs. License fees for the six months ended June 30, 2018, were $5.6 million. The license fees relate to Opiant’s obligations under the License Agreement with Adapt. There were no license fees for the six months ended June 30, 2017. Net loss for the six months ended June 30, 2018, was $10.7 million, or a loss of $4.11 per basic and diluted share, compared to a net loss of $2.6 million, or a loss of $1.27 per basic and diluted share, for the comparable period of 2017. The significant increase in net loss for the six months ended June 30, 2018, compared to the same period in 2017, was primarily due to the non-recurring license fee of $5.6 million paid to Adapt. At June 30, 2018, Opiant had cash and cash equivalents of approximately $11.2 million, compared to approximately $8.1 million at December 31, 2017. Conference Call Details Replays, Available through August 23rd: About Opiant Pharmaceuticals, Inc. Forward-Looking Statements CONTACTS:
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