Opiant Pharmaceuticals Awarded Grant of Approximately $7.4 Million from the National Institutes of Health for Development of OPNT003

Opiant Pharmaceuticals (NASDAQ:OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions, today announced that it has been awarded a grant of approximately $7.4 million from the National Institutes of Health’s National Institute on Drug Abuse (NIDA) for the development of OPNT003 (intranasal nalmefene), a long-lasting opioid antagonist for the treatment of opioid overdose. The grant includes approximately $2.6 million to be funded for the period ending March 31, 2019, with the balance to be funded over the subsequent two years.

As quoted in the press release:

“We view this NIDA grant as further validation of the potential for OPNT003 to be an important treatment for opioid overdose, a growing U.S. health epidemic,” said Roger Crystal, M.D., Chief Executive Officer of Opiant.  “Fentanyl was responsible for more overdose deaths (in excess of 20,000) than either heroin or prescription opioids in 2016.  Recognizing the evolution of the opioid crisis, the National Institutes of Health has called for the development of stronger, longer-acting overdose reversal products in order to address this next wave of potent synthetic opioids, like fentanyl. We look forward to using this grant to continue the development of OPNT003.”

“The receipt of this grant is reflective of our aim to maximize non-dilutive financing to support our research and development programs,” said David O’Toole, Chief Financial Officer of Opiant. “Over the last five months, we have also announced the return of our royalty stream from Adapt Pharmaceuticals and the receipt of funds from the exercise of warrants, which have further strengthened our balance sheet.”

Click here to read the full press release.