Shares of Pain Therapeutics, Inc. PTIE soared higher by more than 150 percent Tuesday after the company announced encouraging results from a study involving its late-stage drug candidate, REMOXY.
What You Need To Know
Pain Therapeutics said that REMOXY, a drug candidate intended to be an abuse-deterrent for opioid, achieved positive results. Specifically, study results among non-dependent, recreational opioid users, found that the nasal administration of REMOXY resulted in significantly lower abuse potential versus immediate-release oxycodone. All of the study subjects reported reduced 'Drug Liking' 'Take Drug Again' and 'Drug High' for REMOXY compared to oxycodone IR.
Why It's Important
"We believe these data indicate REMOXY may have limited nasal abuse potential relative to comparator drugs," said Pain CEO Remi Barbier. "We have now successfully completed all studies necessary to resubmit the REMOXY NDA to the FDA, and plan to do so shortly."
What's Next?
Notable biotech expert Adam Feuerstein isn't particularly impressed with the results. Feuerstein Tweeted somewhat sarcastically, "For those asking me to comment on $PTIE and Remoxy — you already know the answer."
Shares traded around $11.20 at time of publication, up 151 percent.
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