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Nastech, P&G Part Ways on Bone Drug

Nastech regains rights to the Teriparatide nasal spray for osteoporosis.

Nastech Pharmaceutical


took a hit Wednesday after Procter & Gamble Pharmaceuticals terminated a development and commercialization agreement for a nasal spray intended to treat osteoporosis. But Nastech says it will carry on with the investigational drug.

Nastech, which now controls rights to the Teriparatide nasal spray, said it's immediately advancing it into a phase II clinical study on bone mineral density. The spray formulation is intended to deliver teriparatide into the patient's blood, causing a response in bone turnover markers.

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Nastech expects to recognize about $5.5 million in revenue in the fourth quarter due to termination of the P&G Pharmaceuticals agreement, a collaboration established in February of 2006.

Nastech shares fell $5.01, or 36%, to $8.98. Shares of

Procter & Gamble

(PG) - Get Procter & Gamble Company (The) Report

, which owns P&G Pharma, were flat in recent trading.