Closing PTIE (Pain Therapeutics) outperform
Pain has been a painful disappointment, and I feel lucky to get out of this pick in the green. Despite positive phase III data for Remoxy, the stock has gone nowhere. The FDA may take issue with the phase III design which compared Remoxy to placebo. Furthermore, it's questionable whether Remoxy is even abuse resistant. In 5/08 an FDA panel will review Purdue's updated abuse-resistant formulation of Oxycontin which could make Remoxy spurious. And finally, something is clearly wrong in development of Oxytrex, which has not been mentioned in the last few quarterly statements as it sits awaiting initiation of phase III.