POINT RICHMOND, Calif., Dec. 21, 2011 /PRNewswire/ -- Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT) announced today that it has received a $10 million milestone payment from Purdue Pharma L.P. in connection with the listing of Intermezzo formulation patents in the FDA Orange Book on December 15, 2011. The milestone payment was made under the terms of the agreement between Purdue and Transcept for the commercialization of Intermezzo in the United States. Purdue plans to launch Intermezzo in the second quarter of 2012 and to invest approximately $100 million to support sales and marketing during the first year of commercialization.
On November 23, 2011, the U.S. Food Drug Administration (FDA) approved Intermezzo® (zolpidem tartrate) sublingual tablet C-IV for use as needed for the treatment of insomnia when a middle-of-the-night awakening is followed by difficulty returning to sleep. Intermezzo is not indicated for the treatment of middle-of-the-night insomnia when the patient has fewer than 4 hours of bedtime remaining before the planned time of waking.Middle-of-the-night awakening with difficulty falling back to sleep is a common sleep problem, and Intermezzo is the first and only prescription sleep aid approved for dosing in the middle of the night to treat this form of insomnia. Transcept reported cash, cash equivalents and marketable securities of $54.1 million at September 30, 2011. This balance does not include the $10 million payment received today. About IntermezzoIntermezzo® (zolpidem tartrate) sublingual tablet is indicated for use as needed for the treatment of insomnia when a middle-of-the-night awakening is followed by difficulty returning to sleep. Limitations of Use: Intermezzo is not indicated for the treatment of middle-of-the-night insomnia when the patient has fewer than 4 hours of bedtime remaining before the planned time of waking.
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