HTX-011 Not Seen as a Threat to Pacira's (PCRX) Exparel - Piper Jaffray

Piper Jaffray analyst David Amsellem reiterated an Overweight rating and $81 price target on Pacira Pharmaceuticals (NASDAQ: PCRX) after Heron Therapeutics (NASDAQ: HTRX) reported results from two Phase II studies evaluating HTX-011, an injectable, long-acting form of bupivacaine and the non-steroidal antiinflammatory drug meloxicam, for post-operative pain. HTX-011 at 200 mg and at 400 mg achieved statistical superiority in the bunionectomy and hernia repair studies, respectively.

Amsellem commented, "Though the product showed clear efficacy, we believe there are real question marks regarding safety that translate into significant FDA risk. Specifically, the 4% incidence of bradycardia across the studies (versus 1% for placebo) gives us pause, particularly when considering that no injectable bupivacaine dose as high as 400 mg has been approved (bearing in mind that larger doses are needed for larger incisions/wounds). Given the backdrop, and our view that the underlying market can accommodate multiple entrants, we do not view HTX-011 as a threat to Pacira's Exparel."

For an analyst ratings summary and ratings history on Pacira Pharmaceuticals click here. For more ratings news on Pacira Pharmaceuticals click here.

Shares of Pacira Pharmaceuticals closed at $37.58 yesterday.

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