ARS Pharmaceuticals (SPRY) said Friday that its nasal spray neffy has received regulatory approval in Japan for the emergency treatment of allergic reactions, including anaphylaxis.

The approval by Japan's Pharmaceuticals and Medical Devices Agency covers 1 mg and 2 mg doses, the company said.

Japanese pharmaceutical company Alfresa Holdings has the rights to commercialize neffy in Japan under a 2020 agreement, ARS said.

ARS said it is eligible to receive a final regulatory milestone of $2 million after listing neffy on the Japanese National Health Insurance drug price list, and to sell the drug to Alfresa at a transfer price.

Alfressa expects to launch the nasal spray in Q4, ARS said.

Shares of ARS were up 5% in recent Friday premarket activity.