July 27, 2017 / 1:08 PM / a year ago

BUZZ-Intellipharmaceutics: FDA panel unimpressed with opioid painkiller

** Canadian drug developer’s U.S.-listed shares sink 38 pct to $1.54 premarket

** A panel of independent advisers to the U.S. FDA overwhelmingly concluded on Wednesday that there was not enough evidence to support the approval of Intellipharmaceutics’ long-acting opioid painkiller

** While Intellipharma conducted lab tests to evaluate the abuse potential of its formulation, most panelists took issue with the fact that the company had not conducted any human studies to prove its product works as intended

** Late on Wednesday, IPCI said it intended to conduct these human studies

** Co’s drug, Rexista, is designed as a unique abuse-deterrent version of Purdue Pharma’s often-abused blockbuster OxyContin, which already has tamper-resistant properties

** Up to Wednesday’s close, IPCI’s U.S. shares had fallen 12.3 pct this year

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