Failure is very profitable for Pain Therapeutics (PTIE) CEO Remi Barbier.
Barbier is pocketing more than $23 million in total compensation over the last 10 years while U.S. regulators have rejected his company’s efforts to seek approval of an abuse-resistant opioid painkiller for the third time.
Pain Therapeutics shares are down 54% to $1.24 on Monday after the U.S. Food and Drug Administration decided once again that Remoxy, the company’s painkiller product, could not be approved. The FDA last rejected Remoxy in 2011 and 2008.
