Here's Why DURECT Jumped Higher Today
Shares of DURECT (NASDAQ: DRRX) are up 8% at 11:54 a.m. EST, having increased as much as 12% today, as investors jump in ahead of a Food and Drug Administration advisory committee meeting to review its pain drug Posimir scheduled for release Jan. 16.
The original marketing application for Posimir was rejected in 2014, with the FDA requesting that DURECT conduct additional clinical safety studies. The company responded to the requests in June 2019, which resulted in a six-month review period that was supposed to be completed by Dec. 27.
Unfortunately, the agency decided it needed advice from its outside experts and scheduled an advisory committee meeting for next month. An approval decision should come a few weeks to months after the advisory committee meeting, although the agency hasn't set a formal date.
Source Fool.com
