Pain Therapeutics' stock plunged 64% in premarket trade Monday, after Pfizer said it would discontinue its agreement to develop and commercialize Pain Therapeutics' Remoxy extended-release treatment for pain. As a result, Pain Therapeutics expects to regain full development and commercial rights to Remoxy. Pain Therapeutics had the rights to develop and commercialize Remoxy under a license from Durect Corp. Durect's stock tumbled 42% ahead of Monday's open, while Pfizer's stock was unchanged. "We are surprised by Pfizer's decision given the late stage of this program, and continue to believe that REMOXY could play an important role in serving the needs of chronic pain patients while potentially reducing the misuse and abuse of oxycodone," said James Brown, chief executive of Durect.
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