Trevena soars as it gains FDA approval for Olinvyk

Having suffered the setback of a complete response letter (CRL) in late 2018, US biopharma company Trevena’s (Nasdaq: TRVN) shares rocketed 31.5% to $3.13 after it revealed that the US Food and Drug Administration has now approved its opioid agonist Olinvyk (oliceridine).

Olinvyk, which is approved in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate, will be commercially available when the US Drug Enforcement Administration (DEA) issues its controlled substance schedule in around 90 days, the company noted.

“The approval of Olinvyk marks an exciting step forward in Trevena’s mission of translating cutting-edge scientific discovery into therapeutic benefit for patients in need,” said Carrie Bourdow, president and chief executive, adding: “We will work quickly to bring this novel IV analgesic to patients and healthcare providers in need of alternative treatment options.”