NEW YORK (TheStreet) -- IntelliPharmaCeutics International (IPCI) shares are up 17.7% to $3.19 in morning trading on Thursday after the Canadian drug manufacturer announced plans to accelerate the development program for its experimental generic anti-abuse oxycodone drug Rexista.
The company announced plans to accelerate development after receiving correspondence from the Food and Drug Administration saying that the company could skip phase III testing of the drug if it can prove bioequivalence to oxycontin.
"We are thrilled with the FDA's positive acknowledgement, which enables us to accelerate the development and commercialization of our abuse deterrent Rexista Oxycodone XR product candidate. The avoidance of a Phase III trial eliminates a significant financial hurdle. More importantly, it shortens the development timeline and potential time to market," said CEO and co-founder Dr. Isa Odidi.
Oxycontin is a popular narcotic pain reliever used to alleviate moderate to severe pain in patients and is an extremely addictive opioid. An abuse-deterent version of the drug would be an attractive alternative for people with prior drug abuse problems.
The company said that it believes the phase I tests its conducted on Rexista do show bioequivalence to oxycontin and the company is therefore confident that it will be able to skip phase III tests per the FDA's recommendation.
TheStreet Ratings team rates INTELLIPHARMACEUTICS INTL as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
- You can view the full analysis from the report here: IPCI Ratings Report