Don’t let it be said that Nastech’s moping around, crying over its broken engagement with Merck and wailing “why, oh, why?” Nope, Nastech’s acting like a spunky young thing, holding its head up high and meeting new potential suitors.
OK, so that analogy’s a long way of saying Nastech announced a new deal today. The company released VERY few details. Here’s the whole heart of the press release:
“Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK – News), a leader in developing therapeutics using advanced molecular biology-based drug delivery technologies, announced today that it has entered into a multi-compound, feasibility study agreement with Novo Nordisk A/S (NYSE: NVO – News) with respect to certain Novo Nordisk therapeutic compounds. Specific compounds and indications were not announced. Financial and other terms were not disclosed.
“Nastech is honored to be working with Novo Nordisk, a world-leader in therapies for metabolic disease. Novo Nordisk is known for its ethical standards and has participated in many innovative advances in medical practice,” said Steven C. Quay, M.D., Ph.D., Chairman, President and CEO of Nastech.
Yep, that’s it. So we don’t know if Novo’s going to help Nastech develop the anti-obesity PYY spray that Merck dumped or what. But it’s good news nonetheless for Nastech.
Nastech also released its fourth quarter and full-year 2005 financial results today. You can wade through the raw numbers and hyperbole of the press release here, http://biz.yahoo.com/prnews/060315/nyw119a.html?.v=1. Basically, the company lost $32 million during 2005, up from $28.6 million the previous year. But revenue was up noticeably last year as well.
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