Nastech shares wilt after P&G returns drug rights

Nastech Pharmaceutical says it will forge ahead with a Phase II study of its osteoporosis nasal spray treatment candidate--PTH1-34--after Procter & Gamble pulled out of its collaboration and handed back rights to the drug. The trial will evaluate the effect the therapy has on bone mineral density. Shareholders weren't satisfied, though, trimming Nastech's share value by about 24 percent in pre-market trading.

"Although we are disappointed with P&G's decision, we remain confident that, as the only approved anabolic drug for osteoporosis, PTH is a very important therapeutic," said Dr. Steven C. Quay, chairman, president and chief executive of Nastech, in a statement.

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