And now Purdue's new version of Oxycontin is in front of the FDA, and thus ahead of remoxy:
>>King Pharma Stock Drops on Remoxy Threat
Thursday March 27, 4:29 pm ET
By Marley Seaman, AP Business Writer
King Shares Hit Two-Year Low After FDA Says It Will Meet to Discuss New Version of Oxycontin
NEW YORK (AP) -- King Pharmaceuticals shares traded Thursday at their lowest levels in almost three years on the news that a rival pain drug may reach the market ahead of King's Remoxy.
According to a notice posted on the Food and Drug Administration Web site, an FDA panel will meet on May 5 to review a drug application from Purdue Pharma LP. The topic of the review will be a new, extended release tablet of Purdue's painkiller Oxycontin. King's Remoxy is a similar abuse-resistant painkiller.
While Remoxy is in late stage clinical testing, Purdue has filed a new drug application for its new version of Oxycontin, indicating its product is further along in development and could reach the market first.
King shares fell 45 cents, or 5 percent, to close at $8.58. Earlier, the stock fell to $8.26, its lowest price since May 2005.
Natixis Bleichroeder analyst Corey Davis said Purdue is at least one year ahead of King, as the panel meeting is "uncontested proof" that Purdue has filed its new drug application.
Both companies are trying to develop versions of the drug that are more difficult to abuse than Oxycontin. The time-release mechanism of Oxycontin can be "defeated" if it is crushed and snorted or dissolved in alcohol.
Remoxy contains oxycodone, the active ingredient in Oxycontin, inside a viscuous formula. King is developing the drug with Pain Therapeutics Inc.
Pain Therapeutics shares fell 81 cents, or 9.4 percent, to close at $7.77.<<
Cheers, Tuck |
