NEW YORK (TheStreet) -- BioDelivery Sciences (BDSI - Get Report) surged Monday to a 52-week high of $14.38 after the company announced in conjunction with Endo that their experimental painkiller BEMA buprenorphine was effective in a second late-stage trial.
The trial tested the drug against a placebo in 511 patients on regular opioid therapy. Data from the first late-stage trial in January revealed the drug significantly reduced chronic pain in patients who do not regularly take opioids.
BioDelivery and Endo signed an agreement in Jan. 2012 to develop the drug for chronic pain treatment. Endo will make a milestone payment of $10 million to BioDelivery as part of the deal.
BioDelivery was up 10.4% to $13.24 at 12:14 p.m. More than 5.2 million shares had changed hands, compared to the average volume of 761,227.