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Pain Therapeutics Inc. (PTIE) Is Falling After FDA Votes Against REMOXY

Pain Therapeutics Inc. (PTIE) and DURECT Corp. (DRRX) announced after the bell Tuesday that the FDA's Risk Management Advisory Committee and Anesthetic and Analgesic Drug Products Advisory Committee voted 14 to 3 against the approval of REMOXY ER.

Pain Therapeutics gapped open sharply lower Wednesday morning and is now down 5.79 at $2.74 on above average volume. The stock has dropped to a new low for the year.

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