An apparently fraudulent press release sent shares of Opiant Pharmaceuticals Inc. up by nearly 30% on Friday before trading was halted.
The release, issued via the PR Newswire press-release service, claimed that the Santa Monica, Calif., pharmaceutical company had inked an exclusive $225 million commercialization and licensing agreement with the U.K.'s Hikma Pharmaceuticals PLC.
However, PR Newswire later Friday said the press release was unauthorized by all parties mentioned and appears to be fraudulent, adding that Opiant and Hikma have confirmed they aren't involved in any such talks.
An Opiant representative said the company had no knowledge of the release, which he said is fake, and that Opiant and Hikma "are not involved in any discussions of this type." Hikma also issued a statement saying it hasn't entered into any transaction with Opiant.
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