BioDelivery Sciences shares rise on positive drug trial results
07/07/2014 11:03 AM
07/07/2014 11:04 AM
BioDelivery Sciences International shares were up nearly 15 percent in early trading Monday after the Raleigh company announced positive Phase 3 clinical trial results for its experimental treatment for chronic pain.
BioDelivery Sciences is developing the treatment, BEMA Buprenorphine, with Endo Pharmaceuticals. The two announced Monday that BEMA Buprenorphine improved chronic pain relief when compared to a placebo.
The positive test results triggered a $10 million milestone payment from Endo to BioDelivery Sciences. The two companies could submit a new drug application for BEMA by the end of this year.
The encouraging results for BEMA are the latest positive development for BioDelivery Sciences.
Last month, the U.S. Food and Drug Administration approved the company’s treatment for addiction to opioids such as OxyContin, morphine and heroin. The drug, Bunavail, is administered inside the cheek instead of being held under the tongue like the current leading treatment.
BioDelivery Sciences has signed a deal with Durham-based Quintiles in which Quintiles will launch Bunavail, including recruiting and training a field sales force to market the drug to health care providers.
The stock was at $13.50 in mid-morning trading Monday, up $1.51.
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