Biopharmaceutical giant Pfizer Inc. said it received a Complete Response Letter from the U.S. Food and Drug Administration, rejecting the new drug application for its investigational pain relief drug Remoxy Extended-Release Capsules CII, developed by Pain Therapeutics, Inc. Remoxy was using Oradur drug delivery technology developed by Durect Corp. Subsequent to the announcement, the shares of Pain Therapeutics and Durect plunged.
Remoxy is an investigational abuse-resistant, long acting, oral painkiller containing narcotic oxycodone intended for moderate-to-severe chronic pain. It is an encapsulated, water insoluble, twice-daily oral formulation.
Commenting on the rejection, Pfizer said it is working to evaluate the issues and plans to have further discussions with FDA around them.
Olivier Brandicourt, Pfizer President and General Manager, Primary Care said, “Pfizer is working to understand and address the issues in the FDA Complete Response Letter. Pain is an important strategic disease area for Pfizer. We share the concern about misuse and abuse of opioid medicines and are committed to being part of the solution to address this important public health and safety issue.”
James Brown, president and CEO of Durect noted that Pfizer has an experienced team of scientists dedicated to resolving the remaining issues.
Pain Therapeutics had submitted the initial new drug application for Remoxy in June 2008, however, it was rejected by FDA in December that year, requesting for more data. Later, Tennessee based King Pharma assumed the control of the drug and filed a resubmission in December 2010, further to an abuse liability study. When Pfizer acquired King Pharma, in February 2011, it received the rights to Remoxy.
In April end, Pain Therapeutics announced that an abuse liability study of Remoxy met all primary endpoints. The study recorded that patients on Remoxy showed lower liking for the drug compared with standard care oxycodone and placebo.
DRRX shares are trading down 30.42 percent at $2.16 on a volume of 1.29 million shares, while PTIE is down 39.50 percent at $5.5701 on a volume of 6.77 million shares.
PFE shares are currently trading at $20.28, down 1.84 percent on a volume of 12.44 million shares.
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