FDA sends small biotech and its reformulated pain med packing, triggering a collapse in the share price

A small-cap biotech founded by Fortress has run into a brick wall at the FDA.

Avenue Therapeutics $ATXI says the agency has hit it with a complete response letter for its pitch on IV tramadol to treat post-operative pain. According to the biotech, regulators said that the IV approach wasn’t safe, as any additional need for quick pain relief would likely lead to “opioid stacking.”