Nastech, Amylin to develop nasal spray formulation of exenatide for diabetes

By Lisa Kerner

Charlotte, N.C., June 26 - Nastech Pharmaceutical Co. Inc. and Amylin Pharmaceuticals, Inc. have agreed to develop a nasal spray formulation of exenatide, a treatment for type 2 diabetes, using Nastech's proprietary nasal delivery technology.

Amylin will be responsible for clinical, non-clinical and regulatory activities. Nastech will focus on drug delivery, chemistry and manufacturing.

In addition, Nastech will receive milestone payments up to $89 million and escalating royalties on product sales.

Other financial details were not released.

Located in Bothell, Wash., Nastech develops products for diabetes, inflammatory conditions, obesity and osteoporosis.

Amylin is a biopharmaceutical company located in San Diego.

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