Thursday December 11, 03:03 PM
STOCKS NEWS US-FDA don't approve King Pharma, Pain Thera drug
Stocks on the move Real (Frankfurt: BJU.F - news) -Time Equity news
U.S. stock market report
0941 ET 11Dec2008-FDA
doesn't approve King Pharma, Pain Thera drug ------------------------------------------------------------------------------
Shares of both King Pharmaceuticals (NYSE: KG - news) and Pain Therapeutics (NASDAQ: PTIE - news) tumbled on Thursday after the Food and Drug Administration said it wouldn't approve the pair's experimental abuse-resistant painkiller Remoxy in its current form.
King shares slid 8.4 percent to $9.12 while Pain Therapeutics plummeted 24 percent to $5.91.
The FDA said additional non-clinical data would be required to support the approval of Remoxy, though it didn't request any additional clinical efficacy studies.
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