Pernix Therapeutics Holdings Inc (NASDAQ:PTX), a specialty pharmaceutical company, today announced positive results from Category 1 (in vitro) abuse deterrence studies with ZX007, utilizing Altus Formulation’s proprietary INTELLITAB™ abuse deterrent technology platform. ZX007 is an abuse-deterrent, extended-release oral hydrocodone bitartrate formulation product in development for the management of pain severe enough to require daily, around-the-clock opioid treatment and for which alternative treatments are inadequate, The purpose of the studies was to perform a comprehensive battery of laboratory tests to assess the physical and chemical properties of ZX007. These studies were conducted in accordance with the April 2015 Food and Drug Administration (FDA) Guidance for Industry: Abuse-Deterrent Opioids – Evaluation and Labeling.
Top-line results from the study demonstrated ZX007’s ability to:
- Resist common methods of physical manipulation including crushing between spoons, crushing in a tablet hardness tester, and crushing in pill crushers;
- Resist alcohol induced dose dumping and prevent drug extraction in a range of common solvents;
- Not yield extracts that could be expelled through syringe needles; and
- Maintain controlled release after crushing and grinding of the tablets under a number of test conditions.
Doug Drysdale, President, Chairman and CEO of Pernix said, “Pernix is committed to introducing abuse-deterrent formulations of hydrocodone for the benefit of patients who would otherwise have to endure severe pain. We are pleased that this new formulation shows such promising Category 1 results supporting the robust abuse-deterrent properties of ZX007. We look forward to the results of our clinical human abuse liability studies for ZX007 to further expound upon its abuse-deterrent features. Our aim is to bring this new treatment option to the market to reduce the overall burden of opioid misuse and abuse, while providing relief to patients suffering with severe pain.”
Damon Smith, CEO of Altus Formulation said; “We are very happy that ZX007 has again met our expectations in these key studies.”
Results from this study will be submitted for presentation at an upcoming scientific conference later this year. (Original Source)
Shares of Pernix Therapeutics closed last Friday at $5.26. PTX has a 1-year high of $12.88 and a 1-year low of $5.06. The stock’s 50-day moving average is $5.71 and its 200-day moving average is $7.90.
On the ratings front, Pernix has been the subject of a number of recent research reports. In a report issued on July 23, Brean Murray Carret analyst Difei Yang reiterated a Buy rating on PTX, with a price target of $17, which implies an upside of 223.2% from current levels. Separately, on May 4, Cantor Fitzgerald’s Irina Rivkind Koffler reiterated a Hold rating on the stock and has a price target of $8.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Difei Yang and Irina Rivkind Koffler have a total average return of 26.8% and 53.9% respectively. Yang has a success rate of 58.1% and is ranked #108 out of 3712 analysts, while Koffler has a success rate of 69.6% and is ranked #3.
Pernix Therapeutics Holdings Inc is a specialty pharmaceutical company focused on the sales, marketing and development of branded and generic pharmaceutical products for sleep, bacterial infections and cough and cold conditions.