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12:00 AM
Oct 27, 2003
 |  BioCentury  |  Finance

Trials & tribulations

PTIE fell 38% in the three trading days following an Oct. 16 conference call to discuss Phase II data in 350 osteoarthritis patients. Oxytrex, an immediate-release formulation of oxycodone combined with low dose naltrexone, was significantly better than oxycodone and placebo (p=0.006 and p<0.001) (see BioCentury, Oct. 20).
Following the call, analysts for both firms changed their financial models, which had not previously accounted for expenses to conduct a second Phase III trial. Unterberg analyst Ken Trbovich also downgraded the stock from "buy" to "market perform," while Thomas Weisel analyst Don Ellis kept his rating of "peer perform."
Oxytrex is in one ongoing Phase III trial in severe low back pain and another one, in osteoarthritis, is planned to begin in the first quarter of 2004.
The dustup apparently goes back to the company's Sept. 22 follow-on, in which PTIE (South San Francisco, Calif.) raised $49.7 million through the sale of 7.7 million shares at $6.50 (see BioCentury, Sept. 29).The deal was led...

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