The company inked a deal with Danish pharmaceutical company Nycomed to commercialize Posidur, a local anesthetic for post-op pain, in Europe. This deal could be worth over $200 million in royalties and upfront payments to Durect if Posidur reaches certain milestones. The drug is currently in various phase II trials, and is expected to enter phase III studies next year.
Durect also received some great news as its abuse-free opioid painkiller technology licensed to Pain Therapeutics (NASDAQ:PTIE) showed positive results in a phase I trial. Pain Therapeutics is a BioHealth Investor Stock Pick.
Durect insiders had been expecting great things to come as company officers were buying shares back in August and September.
Shares of Durect jumped more than 20% on Thursday with over 8 million shares trading hands. The 3-month daily average volume is just over 400 thousand shares.
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