Nastech Pharmaceutical Company Inc., incorporated on September 23, 1983, is a pharmaceutical company focusing on the development and commercialization of therapeutic products based on both its molecular biology-based drug delivery technology for delivering small and large molecule drugs across mucosal barriers, initially the nasal mucosa, and small interfering RNA (siRNA) therapeutics. Nastech Pharmaceutical's RNAi therapeutic programs are targeted at both developing and delivering novel therapeutics using siRNA to down-regulate the expression of certain disease causing proteins that are expressed in inflammation, viral respiratory infections and other diseases. Clinical-Stage Product Candidates As of January 31, 2006, the Company has filed seven United States patent applications containing an aggregate of 214 claims, and one Patent Cooperation Treaty (PCT) Application. The Company is in Phase I clinical trials in PTH (1-34) intranasal formulation program. On January 27, 2006, Nastech Pharmaceutical entered into a Product Development and License Agreement with Procter and Gamble Pharmaceuticals, Inc. (P and G) to develop and commercialize the Company's PTH (1-34) nasal spray for the treatment of osteoporosis. In October 2005, the Company signed a collaborative deal with Par Pharmaceutical Inc. (Par Pharmaceutical), granting Par Pharmaceutical the exclusive United States distribution and marketing rights to its generic calcitonin-salmon intranasal spray. In December 2003, the Company submitted to the Food and Drug Administration (FDA) an Abbreviated New Drug Application (ANDA) for a generic calcitonin-salmon intranasal spray for the treatment of osteoporosis, and in February 2004, the FDA accepted its ANDA for the product for review. Nastech Pharmaceutical has developed a intranasal formulation of Peptide YY (3-36) (PYY) for the treatment of obesity, and has filed patent applications containing over 364 claims in the United States and 42 other countries. This includes nine Nastech and six in-licensed United States applications, 42 Nastech and 28 in-licensed foreign applications and three Nastech and one in-licensed PCT Applications in which all countries were designated. Morphine sulfate is an opioid analgesic marketed in multiple dosage forms, including those for injectable, oral and rectal administration but cannot be formulated at a high enough concentration to be useful in pain treatment in opioid-tolerant patients. Nastech Pharmaceutical has developed a formulation of morphine gluconate and completed a Phase II clinical trial. Products approved by the FDA for the treatment of obesity include Xenical by F. Hoffman-LaRoche Ltd., Meridia by Abbott Laboratories and the generic phentermine. In addition, there are other products in development for the treatment of obesity, including Acomplia by Sanofi-SA, PEGylated PYY by Pfizer, injectable PYY by Amylin Pharmaceuticals, Inc. and oral PYY by Emisphere. Pre-Clinical Product Candidates Small interfering RNAs specific for conserved regions of influenza viral genes have been developed. These siRNAs target multiple influenza strains and show potential to be active with low drug resistance. Direct-to-lung administration of candidate siRNAs has exhibited significant reduction of virus production in animal models. Development of a spectrum siRNAs and delivery formulations suitable for human use may provide an effective new therapeutic approach for pandemic flu. In July 2005, Nastech Pharmaceutical entered into a license agreement with Alnylam Pharmaceuticals, Inc. Under the license, the Company acquired the exclusive rights to discover, develop and commercialize RNAi therapeutics directed against TNF-alpha, a protein associated with inflammatory diseases, including rheumatoid arthritis and certain chronic respiratory diseases. On February 17, 2006, the Company acquired the RNAi intellectual property (IP) estate and other RNAi technologies of Galenea Corp. which includes certain IP licensed from the Massachusetts Institute of Technology (MIT) for the

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