Trevena stock jumps ~20% as partner gets Chinese approval for pain drug Olinvyk
Toshe_O
- Trevena (NASDAQ:TRVN) said its partner Jiangsu Nhwa received approval from China's National Medical Products Administration (NMPA) for opioid pain drug Olinvyk.
- The NMPA approved Olinvyk (oliceridine) for use in adults for managing acute pain severe enough to require an intravenous opioid analgesic and for whom alternative therapies are inadequate.
- The approval was backed by results from two bridging trials in China and clinical data in the U.S.
- Following this approval, Trevena is due to get a $3M milestone payment from Jiangsu Nhwa.
- Trevena added that it is also eligible to receive $15M upon first commercial sale of Olinvyk in China, in connection with its non-dilutive royalty-based financing with an affiliate of R-Bridge Healthcare Fund, an affiliate of CBC Group.
- As part of the R-Bridge Financing, Trevena previously received $15M upfront and may get an additional $10M upon achieving either a commercial or financing milestone, the company noted.
- TRVN +20.92% to $0.78 premarket May 8