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March 12, 2014
11:36 EDTZGNXZogenix plummets after rival advances abuse-resistant painkiller
Shares of Zogenix (ZGNX), which develops drugs for pain-related conditions, are lower after rival Purdue Pharma unveiled data on a study of its own abuse resistant painkiller. WHAT'S NEW: Earlier today, Purdue Pharma announced that a Phase 3 study of an investigational extended-release formulation of hydrocodone bitartrate met its primary efficacy endpoint. The company added that this investigational single-entity opioid analgesic formulation incorporates abuse-deterrent properties intended to make the tablets more difficult to manipulate for the purpose of misuse and abuse. Purdue Pharma's Senior Vice President of Research and Development Gary Stiles said, "We are very encouraged by the results of this pivotal study. This is another step forward in our efforts to develop therapeutic options for use by chronic pain patients that are designed to be unattractive to drug seekers." Purdue said it plans to file a New Drug Application with the FDA later in 2014 requesting approval to market the medication. Zogenix recently released Zohydro, a powerful opioid painkiller, that has been highly criticized for its abuse potential. PRICE ACTION: Shares of Zogenix are down almost 18% to $3.73 in morning trading. Shares of Zogenix had doubled since getting FDA approval for Zohydro in late October. Purdue Pharma is a private company.
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