Nastech Pharmaceutical Company signed a multimillion dollar agreement with Procter & Gamble Pharmaceuticals to develop a novel osteoporosis drug, a parathyroid hormone (PTH1-34) nasal spray.

When delivered via injection, the drug has been reported to increase bone mineral density in postmenopausal women, consequently reducing the risks for vertebral and non-vertebral fractures.

Nastech and P&G hopes to develop a nasal spray version of the drug, for which clinical and non-clinical studies are already underway.

"A non-invasive PTH1-34 nasal spray for the treatment of osteoporosis would be welcomed by physicians and patients, potentially resulting in wider use and increased patient acceptance," said Felicia Cosman, M.D., Medical Director of the clinical research Center at the Helen Hayes Hospital, and a nationally recognized osteoporosis specialist. "I look forward to the rapid development of this exciting investigative product, which has the potential to improve the lives of osteoporosis patients."

Read more from Nastech's press release or from SeattlePI.com.