Pain Therapeutics' (Nasdaq:PTIE) Remoxy Gets June 23 FDA Review Date

Pain Therapeutics (Nasdaq:PTIE) pain drug Remoxy has received a response from the FDA on a preview date for their potential pain drug Remoxy, after a resubmission.

On that date the Food and Drug Administration should made a regulatory decision on the fate of the drug. The FDA has pushed back the date in the past, wanting more proof the drug works on lowering drug abuse.

Remoxy works in a slow-release fashion in treating potential patients, using the narcotic oxycodone. The problem is, like its competitor Purdue Pharma LP and their offering in the space, OxyContin, users can bypass the benefits be breaking down the pill by dissolving or crushing it, allowing a high to occur that is as potent as someone can get from heroin use.

Pain Therapeutics Inc. works with partner Durect Corp. on the pain drug, licensing the drug from them.

Pain Therapeutics was trading at $6.46, gaining $0.04, or 0.62 percent, as of 11:57 AM EST.