Pain Therapeutics Gets Nod On $8.5M Remoxy Class Deal

By Jess Krochtengel (September 1, 2016, 9:10 PM EDT) -- A Texas federal judge on Thursday gave preliminary approval of a settlement that would pay shareholders of Pain Therapeutics Inc. up to $8.5 million and release claims the company hid from the market manufacturing issues with its pain treatment Remoxy.

Under the settlement, shareholders would release claims against Pain Therapeutics based on allegations the company failed to disclose critical details regarding material risks to the approvability of Remoxy, namely manufacturing and drug stability issues. Remoxy is envisioned as offering the pain-relieving powers of oxycodone with far lower potential for abuse because of a unique formulation that resists snorting or injection....

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