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Thursday, Jan 26, 2023
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Zogenix Shares Touch All-Time Low

The stock price for San Diego-based pharmaceutical company Zogenix Inc. has plummeted to an all-time low after a Food and Drug Administration advisory panel strongly recommended against its painkiller Zohydro.

Shares of Zogenix, traded on the Nasdaq as ZGNX, closed at $1.16 after going as low as $1.11 — its lowest price since the company went public in November 2010. Shares were $2.40 at market close on Dec. 6 — the day before the FDA review.

FDA officials voted 11-2 with one abstention against Zohydro, a stronger version of hydrocodone that would be used to manage moderate-to-severe chronic pain.

The panel of pain specialists found that the drug had a high likelihood of causing abuse and dependence, saying it was three to four times more likely to be abused by patients than drugs such as oxycodone.

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The company has positioned Zohydro as a much-needed alternative to standard pain relievers that contain acetaminophen, since their prolonged use can result in liver damage.

“Zogenix recognizes and appreciates that prescription opioid misuse and abuse is a critical issue,” said Stephen Farr, president and chief operating officer of Zogenix in a statement. “However, it is also important to remember that there is a documented patient need for an extended-release hydrocodone medicine without acetaminophen.”

The FDA is scheduled to make a decision on whether or not to approve Zohydro for commercial use by March 1.

— Meghana Keshavan

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