3SOF

Profile:  



Nastech Pharmaceutical Company, Inc.
3830 Monte Villa Parkway
Bothell, WA 98021
United States - Map
Phone: 425-908-3600
Fax: 425-908-3650
Web Site: http://www.nastech.com

DETAILS  
Index Membership: N/A
Sector: Healthcare
Industry: Biotechnology
Full Time Employees: 197


BUSINESS SUMMARY  
Nastech Pharmaceutical Company, Inc., a biopharmaceutical company, engages in the development and commercialization of therapeutic products based on its proprietary molecular biology-based drug delivery technology. Its proprietary technologies primarily focus on the intranasal delivery of compounds ranging from small molecules to peptides and proteins. The company and its partners are developing a product portfolio across multiple therapeutic areas, including products targeted for the treatment of osteoporosis, diabetes, obesity, autism, respiratory diseases, and inflammatory conditions. In addition, the company is developing a class of therapeutics utilizing RNA interference technology to down-regulate the expression of diseases causing proteins that are over-expressed in inflammation, viral respiratory infections, and other diseases. Nastech has collaborations with Procter & Gamble Pharmaceuticals, Inc. for the development and commercialization of Parathyroid Hormone (PTH1-34) nasal spray; Amylin Pharmaceuticals, Inc. for development and commercialization of exenatide nasal spray; Novo Nordisk A/S for multiple undisclosed indications; and Par Pharmaceutical Companies, Inc. for distribution of Nastech's generic calcitonin-salmon nasal spray. It also has collaborations with Merck & Co., Inc. and QOL Medical LLC. The company was founded in 1983 and is headquartered in Bothell, Washington.

PUT her on you watch list, had a hard tumble !
May want to have a dead cat bounce.

AP
Nastech Shares Rise on RNA Unit Spinoff
Wednesday November 14, 7:44 pm ET 
Nastech Pharmaceutical Shares Rise on Plans to Spin Off MDRNA Unit, Lay Off Workers


NEW YORK (AP) -- Shares of Nastech Pharmaceutical Co. Inc., which makes nasally delivered drugs, jumped Wednesday after the company said it will lay off workers and spin off its subsidiary MDRNA.
The stock gained 92 cents, or 18.9 percent, to $5.79 Wednesday. Shares have traded between $4.65 and $19.98 over the last 52 weeks.


The company said late Tuesday it will transfer its intellectual property and agreements on RNA interference technology into MDRNA, which will become an independent company. RNAi, or gene-silencing, technology, is being developed as a way to target and turn off genes suspected to be the root of a disease or condition.

The company will transfer some employees to MDRNA and will provide administrative and facilities support in the near-term.

There have been several other moves over the past year by companies to boost research and development of RNAi technology. In January, biotechnology company CytRx Corp. created its own RNAi-based subsidiary called RXi Pharmaceuticals Corp. In July, drug developer Roche licensed rights to Alnylam Pharmaceuticals Inc.'s RNAi technology.

Meanwhile, Nastech said it plans to reduce its work force to save money and will continue developing potential nasal-spray treatments for obesity, diabetes and osteoporosis.

Friedman, Billings, Ramsey analyst Robert Uhl reaffirmed his "Market Perform" rating and lowered his price target to $8.75 from $12.

"We view the restructuring strategy as the right one for management to pursue but find it burdened with near-term risk and uncertainty," he wrote in a note to investors.

He said the spinoff will involve transferring about 40 to 45 employees and will require outside financing of about $20 million. Meanwhile, the company plans to focus on its midstage programs. Uhl now expects a 2007 loss of $2.12 per share, down from an expected loss of $2.13 per share.