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Pfizer to continue developing Pain Therapeutics' painkiller

Tuesday, 22 Oct 2013 | 8:52 AM ET

Oct 22 (Reuters) - Pfizer Inc said it would continue developing the abuse-resistant painkiller made by its partner Pain Therapeutics Inc and would conduct new clinical trials to address questions raised by the U.S. regulator regarding the drug.

Pain Therapeutics shares jumped 22 percent in premarket trading.

The drug, Remoxy, has been rejected twice by the U.S. Food and Drug Administration due to concerns about its manufacturing process and chemical composition.

Remoxy was developed using the abuse-resistant technology of Durect Corp, whose shares rose 7 percent before the bell.

The FDA has asked Pfizer for two studies - one to show that Remoxy was the bioequivalent of its original formulation, and another to investigate the potential for abuse of the modified version of the drug.

(Reporting by Esha Dey in Bangalore; Editing by Kirti Pandey)

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