Investors Dump QRxPharma after Painkiller Rejected by U.S. FDA Panel
Australian pharmaceutical major QRxPharma Limited stock plunged nearly 80% after the U.S. regulatory panel voted against the painkiller Moxduo. The stock went down from 70 cents to 13 cents, marking the worst day for the stock since its initial offer in 2007.
Moxduo is a strong painkiller suggested for intense pain and combines two opiods. Moxduo, the drug that combines morphine and oxycodone, failed to receive FDA backing.
The FDA panel unanimously voted against Moxduo. FDA panel added that the drug has not been proved safer compared to other options.
Many patients suffer breathing issues, nausea and vomiting due to higher dose of morphine or oxycodone. Moxduo helps such patients as the amount of dosage is lower. Moxduo is immediate release drug.
John Holaday, CEO QRXPharma said in a statement, “We are committed to bringing to market safer therapies for pain, such as Moxduo, and preventing opioid abuse.”
QRxPharma had signed contract with Actavis for marketing rights in the US market. Real estate major Lang Walker and Fund manager Allan Gray have high stake in QRxPharma.
The acute pain management market in the US is worth $3 billion per year. The Australian company was asked by FDA to provide additional data to support the effectiveness of the drug in June 2012 and August 2013.
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