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Document Preview For Immediate Release |
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Title: |
For Immediate Release |
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Entities: |
Nastech Pharmaceutical Co. Inc.; Schwarz Pharma, Inc.; Sonus Pharmaceuticals, Inc.; Massachusetts Institute of Technology; Stanford University; University of Michigan, Ann Arbor |
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Date: |
2000 |
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Size: |
Preview shows 2KB of 7KB total |
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Price: |
$34 |
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ID: |
#309018 |
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FOR IMMEDIATE RELEASE
NASTECH ACQUIRES ATOSSA HEALTHCARE
TO EXPAND NASAL PRODUCT DEVELOPMENT PROGRAMS
DR. STEVEN QUAY, OF ATOSSA, NAMED
CHAIRMAN, PRESIDENT AND CEO OF NASTECH-
Hauppauge, New York, August 9, 2000 - Nastech Pharmaceutical Company, Inc.
(Nasdaq: NSTK), today announced that the Company has acquired privately held
Atossa Healthcare, Inc. The acquisition is a strategic move designed to solidify
Nastech's position as a leader in the development of therapeutics that are
administered nasally. The merger also enables the Company to develop new
capabilities in the area of women's health beginning with the further
development of Atossa's lead breast cancer diagnostic product. Financial terms
of the agreement were not disclosed.
Nastech also announced today that under the terms of the agreement Steven C.
Quay, M.D., Ph.D., the founder of Atossa Healthcare, will join the Company as
Chairman, President and Chief Executive Officer.
"We are excited about the acquisition of Atossa because it provides Nastech with
a tremendous leverage opportunity and synergy within our core competency," said
Devin Wenig, director and member of Nastech's Executive Committee. "This
opportunity is exemplified by Atossa's breast cancer risk assessment test, and
Nastech's key programs in pain management and sexual dysfunction - all of which
rely on nasal delivery. We are also delighted to welcome Steven Quay at this
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