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news.Nastech has said that a $15 million payment that it hoped to receive from Procter & Gamble will be delayed after the two companies amended an agreement relating to PTH1-34, a nasal spray for osteoporosis.
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According to Nastech, P&G discussed performing an additional clinical study not included in the original agreement. Subsequently a contract amendment was executed and the $15 million in payments Nastech expected to receive in 2006 have been deferred to a $5 million payment on the initiation of the additional phase II clinical study. It will also receive a $10 million payment on initiation of a phase III clinical study.
Nastech commented that it still has the potential to receive up to $577 million in development and sales milestones.
The additional phase II dose ranging study has been added to the clinical development program and is planned to begin later in 2007. This will follow the expected completion of a mid-stage trial in the second quarter of next year.
“The PTH1-34 Nasal Spray clinical development program has made significant progress in 2006 and we are pleased with P&G’s commitment to advancing the clinical development program in a manner that maximizes the potential for regulatory approval and successful commercialization of this important product candidate,” stated Steven Quay, president and CEO of Nastech.