Trevena jumps on approval of pain management therapy in China

Trevena

08/05/2023 16:30

(Updates)
    ** Shares of drugmaker Trevena Inc  TRVN.O  more than quadruple to $2.87, set for best day
on record, if gains hold
    ** TRVN stock top pct. gainer across U.S. exchanges 
    ** Co says its partner in China, Jiangsu Nhwa, received formal approval from the National
Medical Products Administration for Olinvyk 
    ** The therapy has been approved for use in adults for the management of acute pain severe
enough to require an intravenous opioid analgesic and for whom alternative treatments are
inadequate
    ** TRVN is due to receive a $3 million milestone payment from Jiangsu Nhwa with the approval
and also eligible to receive $15 million upon first commercial sale in China
    ** Jiangsu Nhwa has an exclusive license agreement for the development and commercialization
of Olinvyk in China
   ** Including session's gain, stock up 86.7% YTD 

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