Penwest shares dive as pain drug flunks endpoint

Penwest Pharmaceuticals says that a Phase IIa for nalbuphine ER, an extended release pain drug, failed to hit a primary goal. But researchers say that the drug performed well enough on its secondary endpoints to warrant advancement into Phase IIb trials later this year.

Investors didn't share the company's sunny disposition, though. Penwest shares dived 20 percent after investors learned that the drug failed to reduce pain intensity as intended. Currently available by injection, Penwest is testing an oral form of the drug. And the company says it is also pursuing talks to partner the drug in Europe.

- see the release from Penwest
- read the AP report

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