Hospira returns Posidur rights to DURECT

DURECT Corp (Nasdaq: DRRX) says that fellow USA-based that Hospira (NYSE: HSP) has given notice that it is returning its development and commercialization rights to Posidur (Saber-bupivacaine) in the USA and Canada.

Posidur is a post-operative pain relief depot that utilizes DURECT's patented Saber technology to deliver bupivacaine and is designed to provide up to three days of pain relief after surgery.

"We are disappointed Hospira will no longer be our partner, but would like to thank them for the collaboration over the past two years," stated James Brown, president and chief executive of DURECT. "Our plan remains to complete the preparation of integrated safety and efficacy reports that tie together the entire body of work we've done with Posidur. This information will be submitted to the FDA in conjunction with a pre-NDA meeting that we anticipate will occur this summer,” he added.