Palm Beach, FL 1/6/12 (StreetBeat) -- Shares of Durect Corp (Nasdaq: DRRX) fell as much as 45 percent in trading before the bell on Friday, a day after the specialty pharmaceutical company's experimental drug to relieve pain post surgery failed to meet the main goal of a late-stage trial.Durect was testing the drug Posidur in 305 patients undergoing a variety of general abdominal surgical procedures.
Posidur is a pain killer that aims to provide up to three days of pain relief after surgery. Hospira Inc (NYSE: HSP) has the rights to market the drug in the United States and Canada.
Cupertino, California-based Durect's shares have already lost 42 percent of their value over the last 6 months. They fell to 65 cents in pre-market trade on Friday on the Nasdaq.
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