Shares of Durect soared more than 50 percent in overnight trading after the drug developer announced a $202 million pact to develop a new post-operative pain medication with Denmark's Nycomed. The two will develop Posidur using Durect's delivery system. Durect gains $14 million up front and up to $188 million in milestone payments. Posidur is expected to begin a Phase III trial next year. Durect's stock was further helped this morning when the company announced that its Phase I trial for Oradur demonstrated that the abuse-resistant pain medication was safe and well tolerated. The licensee for Oradur--Pain Therapeutics--made the announcement.
- here's the report from MarketWatch on the new pact
- and here's the AP report on the trial data