Pain Therapeutics, Inc. today announced that it had received a $5,000,000 milestone payment from King Pharmaceuticals, Inc., its exclusive commercial partner for abuse-resistant prescription pain medications.
Payment was made in connection with the acceptance by the U.S. Food & Drug Administration (FDA) of an investigational new drug application, or IND, for abuse-resistant oxymorphone. The IND application was submitted by Pain Therapeutics and accepted by FDA within 30 days of its submission.
Like REMOXY® (controlled-release oxycodone), Pain Therapeutics' novel formulation of oxymorphone is specifically designed to resist common methods of prescription drug abuse.
On October 11, 2010, King entered into an agreement and plan of merger with Pfizer Inc. (NYSE:PFE), the world's largest research-based pharmaceutical company, pursuant to a tender offer. The tender offer is ongoing.
REMOXY® is a registered trademark of Pain Therapeutics, Inc.
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