FDA rejects Pain Therapeutics' lead drug, shares tumble

Pain Therapeutics Inc. is undergoing a major overhaul after the U.S. Food and Drug Administration rejected its new drug application for Remoxy, an extended-release and tamper-resistant version of the painkiller oxycodone. The Austin-based drugmaker said Monday in a securities filing it would shift its focus from painkillers to treatments for Alzheimer's disease. That comes after Pain Therapeutics (Nasdaq: PTIE) heard from the FDA that Remoxy data "do not support the conclusion" that its benefits…
Source: bizjournals.com Health Care:Pharmaceuticals headlines - Category: Pharmaceuticals Authors: Source Type: news