Pacira briefing materials 'clearly a mixed bag,' says Piper Jaffray
Briefing materials for the upcoming meeting of the FDA's Anesthetic and Analgesic Drug Products Advisory Committee to discuss Pacira Pharmaceuticals' filing for Exparel administration via upper and lower extremity nerve block were "clearly a mixed bag," Piper Jaffray analyst David Amsellem tells investors in a research note. He believes this is not a surprise since the results of the studies supporting the filing were a "mixed bag." The analyst's read of the documents suggests that a label expansion in femoral nerve block is "likely off the table." That said, the documents did not focus significantly on the successful upper extremity study, and the voting questions clearly leave open the possibility of a narrow label expansion, Amsellem contends. He reiterates an Overweight rating on Pacira with a $49 price target.