PTIE down on Phase III Oxytrex data

Pain Therapeutics (PTIE) fell $1.61 (19%) to $6.90 on Tuesday on news that its Oxytrex did not significantly reduce physical dependence and withdrawal effects in the first 24 hours after stopping therapy in a Phase III trial in patients with moderate to severe osteoarthritic pain. PTIE said the goal was for Oxytrex to reduce dependence and withdrawal by 25% versus oxycodone. Although Oxytrex showed a 28% reduction, PTIE said the result was not statistically significant because the double-blind, placebo-controlled, U.S. trial in 775 patients had a high dropout rate. ...