BioCentury
ARTICLE | Company News

Durect, Pain jump on Remoxy update

August 16, 2013 11:38 PM UTC

Shares of Durect Corp. (NASDAQ:DRRX) and Pain Therapeutics Inc. (NASDAQ:PTIE) jumped on Friday after partner Pfizer Inc. (NYSE:PFE) registered a study on clinicaltrials.gov to compare the bioavailability of Remoxy oxycodone with another formulation of oxycodone in healthy volunteers. Pfizer said the study is required for Remoxy's development but does not mean the pharma has made a decision on the program.

In May, shares of Durect and Pain fell after Pfizer said it had not yet made a go/no-go decision on Remoxy but said there is "much to consider" given the delays and costs for the program and "development work left." Pfizer also said it did not expect it would be able to submit a response to a June 2011 complete response letter before mid-2015. The pharma declined to comment on when it expects to make a decision (see BioCentury Extra, May 10). ...