Pain Therapeutics, Inc. (PTIE) Friday said it has received a $5 million milestone payment from King Pharmaceuticals, Inc. (KG), its exclusive commercial partner for abuse-resistant prescription pain medications.
Payment was made in connection with the acceptance by the U.S. Food & Drug Administration of an investigational new drug application, or IND, for abuse-resistant oxymorphone. The IND application was submitted by Pain Therapeutics and accepted by FDA within 30 days of its submission.
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