NEW YORK (AP) -- Irish drug and medical device maker Covidien PLC said Monday that the Food and Drug Administration approved a new, larger dose of its pain drug Exalgo.
Covidien said the FDA approved a 32-milligram dose of Exalgo, which is meant to treat moderate to severe chronic pain. The company said it will launch the new version of Exalgo in the next few weeks.
The FDA approved three lower doses in March 2010.
Covidien shares slipped 9 cents to $55.53 in afternoon trading, while Zalicus Inc. shares rose 12 cents, or 9.5 percent, to $1.38. Exalgo is Zalicus' only approved product, and it gets royalties from the drug's sales.