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news.US-based biopharmaceutical company Pain Therapeutics has received $20 million in milestone payments from King Pharmaceuticals, its exclusive commercial partner for Remoxy and other abuse-resistant prescription pain medications.
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Receipt of $15 million was triggered by acceptance of the Remoxy new drug application by the FDA. Receipt of an additional $5 million was triggered by FDA’s acceptance of an investigational new drug application for PTI-721.
Previously, Pain Therapeutics and King entered into a strategic alliance to develop and commercialize Remoxy and other abuse-resistant pain medications.
Remoxy, an investigational drug, is said to be an abuse-resistant, controlled-release oxycodone for moderate-to-severe chronic pain.