Pain Therapeutics Receives $5M Payment from King Pharmaceuticals

Pain Therapeutics, Inc. PTIE today announced that it had received a $5,000,000 milestone payment from King Pharmaceuticals, Inc. KG, its exclusive commercial partner for abuse-resistant prescription pain medications. Payment was made in connection with the acceptance by the U.S. Food & Drug Administration (FDA) of an investigational new drug application, or IND, for abuse-resistant oxymorphone. The IND application was submitted by Pain Therapeutics and accepted by FDA within 30 days of its submission.