Pain, Durect slammed as Pfizer abandons Remoxy

Shares of Pain Therapeutics Inc. (NASDAQ:PTIE) and Durect Corp. (NASDAQ:DRRX) plummeted on Monday after Pfizer Inc. (NYSE:PFE) decided to discontinue development of Remoxy oxycodone, which is designed to be abuse-resistant. Pfizer said the decision was based on an internal review of five studies conducted to address a June 2011 FDA complete response letter. The pharma declined to comment on the study results.

Pain Chairman, President and CEO Remi Barbier told BioCentury he believes Pfizer chose between Remoxy and oxycodone- naltrexone ( ALO-02), an abuse-deterrent opioid in the pharma's pipeline. He said the decision was "simple math," noting that Pfizer would owe a milestone payment plus royalties on sales if Remoxy were approved. ...