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Pain Therapeutics Loses Half Its Value After Revealing Dispute With FDA

Jacob Sonenshine

shed 53% to $1.35 on Thursday, Oct. 4, after the company said it was filing an "administrative appeal" with the Federal Drug Administration after the agency rejected a drug the company was developing. In August, the FDA rejected Pain Therapeutics' Remoxy drug, an oxycodone designed to discourage most methods of tampering linked to opioid abuse, because the benefits of the drug weren't great enough to justify the risks. The Anesthetic and Analgesic Drug Products Advisory Committee and Drug Safety and Risk Management Advisory Committee, part of the FDA, voted 14 to 3 against the drug.