Pain Therapeutics, Inc. (NASDAQ: PTIE) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced overwhelmingly positive data surrounding a key clinical candidate, leading to excitement among investors and sending the stock screaming for the top. Today, we’ll talk about the results, what we’re seeing from PTIE, and what we’ll be watching for ahead.
PTIE Gains On Positive Results
As mentioned above, Pain Therapeutics is having an overwhelmingly strong day in the market today after reporting positive clinical results. In a press release issued early this morning, the company announced positive top-line results from a human abuse potential study of REMOXY, a late-stage drug candidate.
In the press release, PTIE said that study results indicate that nasal administration of REMOXY resulted in significantly lower abuse potential in non-dependent, recreational opioid users compared to immediate-release oxycodone.
In the release, PTIE said that all study subjects reported reduced ‘Drug Liking,’ ‘Take Drug Again,’ and ‘Drug High’ for REMOXY when compared to oxycodone IR. Also, the company said that nasal administration of REMOXY showed lower exposure to oxycodone, lower peak concentrations, and longer time to peak drug concentration against comparator drugs. All of this leads to a lower rate of abuse potential. In a statement, Remi Barbier, President and CEO at Pain Therapeutics, had the following to offer:
“We believe these data indicate REMOXY may have limited nasal abuse potential relative to comparator drugs… We have now successfully completed all studies necessary to submit the REMOXY NDA to the FDA, and plan to do so shortly.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. In this particular, case, study results proved to be overwhelmingly positive. So naturally, investors are becoming overwhelmingly excited and pushing the stock toward the top. Currently (10:35), PTIE is trading at $11.72 per share after a gain of $7.50 per share (177.73%) thus far today.
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What We’ll Be Watching For Ahed
Moving forward, the CNA Finance team will continue to keep a close eye on PTIE. In particular, we’re interested in following the company through the process, now that the data is believed to be strong enough for NDA submission. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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