One of Cramer's Fav's Nastech (NSTK), Nosedives Today
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Nastech nosedives (Nasdaq: NSTK) today, down over 35% today on news that P&G exits drug collaboration. Nastech has been a favorite of Jim Cramer's for a long time because of its progress with drugs to treat autism.
Nastech said early Wednesday that P&G announced plans to terminate their collaborative agreement for the biologic compound PTH1-34. The companies had been testing PTH1-34 as a nasally administered treatment for osteoporosis.
Under the deal, Nastech could have potentially earned $577 million if the product had been approved. P&G was also responsible for reimbursing Nastech's development costs.
As a result of the termination, Nastech will receive $5.5 million revenue during the fourth quarter from P&G, it said. The company added that despite P&G's departure, it plans to move ahead with a Phase II study that will test PTH1-34's impact on bone density.
Nastech said early Wednesday that P&G announced plans to terminate their collaborative agreement for the biologic compound PTH1-34. The companies had been testing PTH1-34 as a nasally administered treatment for osteoporosis.
Under the deal, Nastech could have potentially earned $577 million if the product had been approved. P&G was also responsible for reimbursing Nastech's development costs.
As a result of the termination, Nastech will receive $5.5 million revenue during the fourth quarter from P&G, it said. The company added that despite P&G's departure, it plans to move ahead with a Phase II study that will test PTH1-34's impact on bone density.
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