Heron Therapeutics rises after FDA nod for expanded use of pain relief drug

Heron Therapeutics

24/01/2024 10:21

** Shares of drugmaker Heron Therapeutics  HRTX.O  up 5.9%
at $2.33 premarket
    ** After the closing bell on Tuesday, HRTX reported that
U.S. Food and Drug Administration has approved expanded use of
its local anesthetic Zynrelef
    ** Agency's nod now allows use of the drug in soft tissue
and orthopaedic surgical procedures, including foot and ankle,
and other procedures in which direct exposure to a type of
connective tissue is avoided
    ** Brokerage TD Cowen believes Zynrelef will see a similar
rev growth in 2024 compared to FY'23 and models FY'23 and FY'24
sales of $16.8 mln and $29.5 mln, respectively 
    ** Zynrelef is a non-opioid drug previously approved to
treat pain following foot and ankle, joint replacement and some
open abdominal surgeries in adults
    ** This expanded indication for the drug will now cover an
estimated 13 mln procedures annually, an estimated increase of
86% over prior indicated procedures - company
    ** Stock fell 32% in 2023 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))