Pfizer Inc. (NYSE:PFE) Continues To Press For Remoxy
Pfizer Inc. (NYSE:PFE) recorded steady performance, even as Dow Jones Industrial Average dropped its recent upward movement. Even as the Dow Jones remained in the red, large pharmaceuticals such as Merck & Co Inc. (NYSE:MRK) and Pfizer continued to remain strong. Pfizer nearly approached breakeven, even as Merck & Co Inc. (NYSE:MRK) posted 0.2% gains.
Recently, Pfizer has been through a spate of patent snags and faced losses through its Lipitor drug.
PFE continues pressing for approval of its pain-drug Remoxy
On the medicine front, Pfizer on Tuesday chose to back its pain drug – Remoxy- which has been seeking approval for several years now, due to regulatory compliance. As an immediate release, that helps patients who require relief for longer periods of time, its main component is OxyContin.
Pfizer proposes to conduct new range of clinical trials for Remoxy, a drug that offers relief from pain that ranges between moderate and severe. The concerns of abuse of this would be minimized because of the use of the drug in liquid form. It proposes that the comparison between the older and the latest versions would help in the evaluation of opportunities of abuse.
The new approval will be sought in the second-half of 2015.
Technically, Remoxy was developed by Durect Corp. and Pfizer by acquiring King Pharmaceuticals Inc, in 2011 and a sublicense from Pain Therapeutics, acquired rights to Remoxy as well. Durect had licensed Remoxy to Pain Therapeutics, after developing the drug. Both the companies saw its shares gain substantially as they will receive royalties as well as other payments, post the sale of the drug.
Following further discussions with the Food and Drug Authority, on reasons for not approving Remoxy in 2008 and 2011, Pfizer will conduct new clinical trials and negate concerns about abuse of the same. Remoxy’s approval remains important to Pfizer as it tries to consolidate its pain-killer drug vertical.