Nastech sees 311% income surge in 2005
USA-based Nastech Pharmaceutical, a specialist in drug delivery technologies, says that its revenue for the fourth quarter of 2005 sky rocketed 311% on the like, year-ago period, to $7.4 million, due to growth in the number of revenue-generating collaborative deals established with pharmaceutical and biotechnology partners, including reimbursement of R&D expenses related to its development of US firm Merck & Co's PYY(3-36) into a spray treatment for obesity.
During 2005, the Washington-based firm also earned a $2.0 million milestone fee for the domestic approval of Nascobal (cyanocobalamin) gel for intranasal administration for vitamin B12 deficiency in pernicious anemia patients, as well as another $2.0 million in the fourth quarter for completing the transfer of rights to the agent.
...despite 13% growth in loss
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