LONDON, Dec. 16, 2014 /PRNewswire/ -- Lightlake
Therapeutics Inc. ("Lightlake") (OTCQB: LLTP), a biopharmaceutical
company developing addiction treatments based on its expertise in
opioid antagonists, announced today that it has entered into a
license agreement with Adapt Pharma Operations Limited ("Adapt"), a
wholly owned subsidiary of Adapt Pharma Limited, an Ireland-based pharmaceutical company ("Adapt
Pharma"). Pursuant to the agreement Adapt has received from
Lightlake a global license to develop and commercialize Lightlake's
intranasal naloxone opioid overdose reversal treatment. In exchange
for licensing its treatment to Adapt, Lightlake could receive
potential development and sales milestone payments of more than
$55 million, plus up to double-digit
royalties.
Lightlake has been developing a nasal spray for the delivery of
naloxone that could widely expand its availability and use in
preventing opioid overdose deaths, a widespread and under-addressed
public health problem in the United
States. Lightlake, in collaboration with the National
Institute on Drug Abuse ("NIDA"), part of the National Institutes
of Health ("NIH"), commenced a clinical trial with respect to its
nasal spray in September 2013. Data
from that study showed that using Lightlake's technology naloxone
can potentially be delivered into the blood stream at least as
quickly as the injection process currently used by hospitals, first
responders, and others treating opioid overdoses. In July 2014, Lightlake announced that it had filed
an investigational new drug application and received an additional
commitment from NIDA to fund a second study with respect to
Lightlake's nasal spray. On December 4,
2014, Lightlake announced that this second study had
commenced.
"Our entering into an agreement with a subsidiary of Adapt
Pharma is a transformative event for Lightlake. Adapt Pharma is a
tremendous development and commercialization partner for
Lightlake," said Dr. Roger Crystal,
CEO of Lightlake. "Adapt Pharma has a highly experienced and proven
management team, significant financial resources, and strong
capabilities to address a significant public health risk."
"We are pleased to partner with Lightlake and add this product
to our business," commented Mr. Seamus
Mulligan, Adapt Pharma's Chairman and Chief Executive
Officer. "The product is an important therapeutic and will have
significant benefits for patients, first responder medical staff
and caregivers. We look forward to completing the late stage
development and to commercially launching the product."
Torreya Partners LLC acted as financial advisor and Morgan,
Lewis & Bockius LLP acted as legal advisor to Lightlake on the
transaction.
About Lightlake Therapeutics Inc.
Lightlake Therapeutics Inc., a biopharmaceutical company, is
using its expertise in opioid antagonists to build a platform of
innovative intranasal naloxone solutions to common addictions and
related disorders. Lightlake is developing a treatment to reverse
opioid overdoses, which have reached epidemic proportions in
the United States. Lightlake has
completed a clinical trial for this treatment in collaboration with
the National Institute on Drug Abuse ("NIDA"), part of the National
Institutes of Health, and has commenced a second study in
collaboration with NIDA. Lightlake also has completed a Phase II
clinical trial to treat Binge Eating Disorder. For more information
please visit: http://www.lightlaketherapeutics.com.
About Adapt Pharma Limited
Adapt Pharma Limited is a privately held pharmaceutical company
committed to positively impacting the lives of patients with
specialist medical conditions. Adapt Pharma's strategy is to
identify, evaluate, selectively acquire and enhance the value of
late stage development, and FDA approved, pharmaceutical products.
Adapt Pharma's company headquarters are in Dublin, Ireland. For more information
please visit http://www.adaptpharma.com.
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Investor Relations Contact:
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admin@amatoandpartners.com
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SOURCE Lightlake Therapeutics Inc.