Trevena's Pain Management Drug Shows Better Cognitive Function Than Morphine

Trevena Inc TRVN reported topline results from its post-approval study designed to assess the impact on cognitive function in subjects treated with Olinvyk compared to IV morphine.
The FDA approved Olinvyk in 2020 indicated in adults for acute pain management.
Olinvyk showed a statistically significant reduction in sedation versus IV morphine.
Olinvyk showed a statistically significant difference or trend compared to IV morphine, despite the relatively small sample size, across a range of neurocognitive measures and motor performance.
Other secondary outcome measures, including visual tracking and higher-order cognitive processing, did not show statistical differences between Olinvyk and IV morphine.
No serious adverse events were observed in the study, and adverse events were generally assessed as mild.
The company implemented a ~25% reduction in full-time employees and terminated its contract sales force agreement with Syneos to help reduce operating expenses and extend the cash runway to mid-2023.
The company believes these decisions allow Trevena to continue to sufficiently resource its key strategic priorities of driving commercial adoption of Olinvyk and developing TRV045.
TRV045 is being developed for acute and chronic neuropathic pain secondary to diabetic peripheral neuropathy.
Trevena ended the June quarter with approximately $49.5 million in cash.
Price Action: TRVN shares are up 8.61% at $0.29 during the market session on the last check Thursday.