Durect, Pain Therapeutics Jump as Pfizer Highlights Drug
Pain Therapeutics Inc. (PTIE) and Durect Corp. (DRRX), partners with Pfizer Inc. (PFE) on the medicine Remoxy, increased in New York trading after the world’s biggest drugmaker highlighted the experimental painkiller’s future on a conference call.
Pain Therapeutics surged 26 percent to $4.12 at the close for the biggest one-day climb since November 2005. Durect rose 26 percent to $1.57 for its largest single-day gain since March 2009.
Remoxy is an extended-release oxycodone capsule for pain, formulated to limit abuse. The U.S. Food and Drug Administration postponed approval of the medicine in June 2011, after a delay in 2008 when the regulators asked for more laboratory data.
“For Remoxy, we had a productive meeting with the FDA in March and the guidance that we got out of that meeting is certainly helping to inform the next steps,” John Young, head of New York-based Pfizer’s primary care unit, said on a call today with analysts and investors. “We believe we have a path forward and we will publicly communicate further details over coming quarters.”
Pfizer gained the drug in its $3.3 billion acquisition of King Pharmaceuticals in 2011. Austin, Texas-based Pain Therapeutics and Durect, in Cupertino, California, helped develop the therapy and would get royalties on sales.
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