Eli Lilly (LLY) Stock Gains Today After FDA Lifts Ban on Pain Treatment Drug Trials

March 23, 2015 7:26 PM

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Eli Lilly (LLY) Stock Gains Today After FDA Lifts Ban on Pain Treatment Drug Trials

NEW YORK (TheStreet) -- Eli Lilly(LLY - Get Report) shares are up 1.32% to $77.12 in afternoon trading on Monday after the company announced that it would continue late-stage studies with Pfizer(PFE) for their chronic pain drug, tanezumab, after the Food and Drug Administration lifted the partial hold on the trials of such drugs.

The FDA halted testing of the chronic pain treatment and others that work by blocking a protein called nerve growth factor due to nervous system complications that researches witnessed while testing the drugs on animals.

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