Navigation Links
Nastech Pharmaceutical Company Initiates Plan for Corporate Restructuring and Will Concentrate on Phase 2 Clinical Programs

Company to Host Webcast and Conference Call

BOTHELL, Wash., Nov. 13 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. ("Nastech") (Nasdaq: NSTK) announced today its corporate restructuring initiatives aimed at reducing operating expenses and enhancing shareholder value. Nastech will seek to establish its subsidiary, MDRNA, Inc., as an independent, separately financed company as was announced today, and will concentrate on Phase 2 clinical and partnered programs as well as cost containment strategies for the near-term.

"The steps that Nastech is taking will better position the Company to achieve our near-term goals as well as reduce our operational expenses while ensuring that we retain our key capabilities for long-term growth," stated Steven C. Quay, M.D., Ph.D., Chairman, President and CEO of Nastech. "The establishment of MDRNA as an independent company will better serve our shareholders by providing a structure that will help unlock the value of Nastech's RNAi assets as well as expedite the development of new therapeutics based on this exciting new technology. Furthermore, by having Nastech concentrate on our core drug delivery technologies and our most advanced clinical programs it will enable us to make the greatest progress with the resources that are available."

First, Nastech plans to concentrate its resources on its Phase 2 clinical development programs that are currently ongoing or planned including PYY3-36 Nasal Spray for obesity, Insulin Nasal Spray for type 2 diabetes, and PTH1-34 Nasal Spray for osteoporosis.

Secondly, as announced today, Nastech will move forward with the process of establishing MDRNA as an independent company. The new structure will give Nastech the ability to pursue independent investment to fund MDRNA's operations. Nastech plans to pursue such funding in the near-term, subject to market conditions, and expects to retain significant ownership in MDRNA following such financing. In addition, Nastech intends, subject to change based on market conditions or future change in strategy, to thereafter issue a dividend to Nastech's shareholders of a portion of the MDRNA equity held by Nastech, and to effect the public trading of those securities through a Form 10 filing.

The planned change in corporate structure will enable Nastech to continue its focus on the development of peptide and protein drug delivery technologies while better positioning MDRNA for strategic alliances and direct investment as it develops RNAi therapeutics targeting a broad range of diseases. The establishment of MDRNA as an independent company will also allow it to be better compared and valued relative to other companies in the field of RNAi therapeutics.

Finally, Nastech is implementing a workforce reduction plan as soon as feasible to align with the Company's development and clinical plans, which will help to conserve cash, cash equivalents and investments which as of September 30, 2007 were $58.1 million.

Conference Call and Webcast Information

Nastech management will host a conference call tomorrow to discuss the corporate restructuring and its current clinical programs. The call is scheduled for 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) Wednesday, November 14, 2007. To participate in the live conference call, U.S. callers should dial (866) 272-9941, and international callers should dial (617) 213- 8895. The access code for the live conference call is 21097811. To access the 24-hour telephone replay, U.S. callers should dial (888) 286-8010, and international callers should dial (617) 801-6888. The access code for the replay is 93920447.

Alternatively, one can log on to to access a live Webcast or the subsequent 30-day archive. Please connect to the Investor section of Nastech's Website several minutes prior to the start of the live conference call to ensure adequate time for any software download that may be necessary.

About Nastech

Nastech is a biopharmaceutical company developing innovative products based on proprietary molecular biology-based drug delivery technologies. Nastech and our collaboration partners are developing products for multiple therapeutic areas including osteoporosis, obesity, diabetes, autism, respiratory diseases and inflammatory conditions. Additional information about Nastech is available at

Nastech Forward-Looking Statements

Statements made in this press release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Nastech to obtain additional funding; (ii) the ability of Nastech to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) Nastech's and/or a partner's ability to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) Nastech's and/or a partner's ability to obtain required governmental approvals; and (v) Nastech's and/or a partner's ability to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Nastech's most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Nastech assumes no obligation to update and supplement forward-looking statements because of subsequent events.



Ed Bell, Director, Investor Relations

(425) 908-3639

Russo Partners , LLC

David Schull (Media)

(212) 845-4271

SOURCE Nastech Pharmaceutical Company Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Nastech Pharmaceutical Company Announces Promotion of Rick Costantino, Ph.D., to Chief Scientific Officer of Delivery
2. Nastech Pharmaceutical Company Announces the Jeffrey Wenig Memorial Award for Outstanding Achievement in Drug Delivery
3. Mylan Commences Tender Offers and Consent Solicitations for Its 5.750% Senior Notes Due 2010 and 6.375% Senior Notes Due 2015 in Connection With Its Proposed Acquisition of Mercks Generic Pharmaceutical Business
4. Arena Pharmaceuticals to Present at the NewsMakers in the Biotech Industry Conference
5. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
6. Schering-Plough/Merck Pharmaceuticals Announce FDA Filing Acceptance of New Drug Application for Loratadine/Montelukast Tablet
7. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Adipex-P(R)
8. National Pharmaceutical Council Announces New Strategic Focus, Search for New Leadership
9. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Coreg(R)
10. Provectus Pharmaceuticals, Inc. Begins Phase 2 Clinical Trial for Metastatic Melanoma
11. Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts Meeting September 28, 2007
Post Your Comments:
(Date:11/24/2015)... ... , ... Aided by seed funding from the Ron Foley Foundation, researchers at ... into how to detect and treat pancreatic cancer (PC). , WCHN researchers will ... molecules (ncRNA), genetic material that is present in the blood of patients with PC. ...
(Date:11/24/2015)... , ... November 24, 2015 , ... ... for its exceptional customer service: the TrustDale certification. The award recognizes good companies ... Baltimore stone honing , tile and grout, and hard surface restoration company earned ...
(Date:11/24/2015)... ... November 24, 2015 , ... ... patented products, announces Innovative Blending, a household invention that revolutionizes the vending machine ... & Smoothie Bars market is worth $2 billion," says Scott Cooper, CEO and ...
(Date:11/24/2015)... ... November 24, 2015 , ... GBCHealth and Global Health ... bestowed annually to the world’s best corporate-supported global health programs. The awards ... Landscape Symposium held in Washington D.C and attended by over 150 representatives from ...
(Date:11/24/2015)... Miami, Fl (PRWEB) , ... November 24, 2015 , ... ... Farms. Adding houseplants is an easy and affordable way to bring long-lasting style and ... “green heroes” also provide oxygen, clean the air and keep on giving all year ...
Breaking Medicine News(10 mins):
(Date:11/24/2015)... 24, 2015 iRhythm Technologies, Inc. , a leading ... announced that it will participate in the 27th Annual Piper Jaffray ... New York, NY . Kevin King , Chief ... 1, 2015 at 8:50am ET. --> ... . --> . --> iRhythm is ...
(Date:11/24/2015)... Teledyne DALSA , a Teledyne Technologies company ... introduce its CMOS X-Ray detector for mammography at ... December 3, at McCormick Place in Chicago ... interventional imaging will be on display in the South Hall, ... CMOS X-Ray detectors is the industry benchmark for high speed ...
(Date:11/24/2015)... uptake of recently approved and pipeline premium products for Type 1 Diabetes ... says GBI Research . --> The ... Mellitus (T1DM), will be a key driver of market growth to 2021, ... The uptake of recently approved and pipeline premium products for Type 1 ... 2021, says GBI Research . Type ...
Breaking Medicine Technology: