Track topics on Twitter Track topics that are important to you
AUSTIN, Texas, Feb. 17, 2017 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for the year ended December 31, 2016 and provided an update on recent developments. Net loss in 2016 was $14.9 million, or $0.33 per share, compared to a net loss in 2015 of $14.1 million, or $0.31 per share. Cash and investments were $18.7 million as of December 31, 2016, with no debt. In the first two quarters of 2017, the Company expects its quarterly net cash burn rate will range from $2.0 million to $2.5 million.
Pain Therapeutics recently met with the U.S. Food and Drug Administration (FDA) regarding REMOXY ER (oxycodone extended-release capsules). During this meeting, the FDA and the Company reached agreement on a roadmap to resubmit the New Drug Application (NDA) for REMOXY ER. Details of this meeting, including timelines and additional data to be developed, will be disclosed after minutes of the meeting are issued, which may take up to three weeks.
The Company also announced that Peter S. Roddy recently resigned, effective March 9, 2017, to pursue a job opportunity in the San Francisco Bay Area. “Mr. Roddy is well-respected and will be missed,” said Remi Barbier, Chairman, President & CEO. “We are grateful for his 14 years of service to the Company and wish him all the best in his future endeavors.”
Financial Highlights for 2016
About Pain Therapeutics, Inc.
We develop proprietary drugs that offer significant improvements to patients and physicians. Our expertise consists of developing new drugs and guiding these through various regulatory and development pathways in preparation for their eventual commercialization. We generally focus our drug development efforts around disorders of the nervous system, such as chronic pain. The FDA has not yet established the safety or efficacy of our drug candidates.
Note: REMOXY is a trademark of Pain Therapeutics, Inc.
Note Regarding Forward-Looking Statements: This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Pain Therapeutics disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to, statements regarding the timing of minutes from the FDA and disclosure of details and timelines after receipt of minutes from the FDA. Such statements are based on management's current expectations, but actual results may differ materially due to various factors. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to development and testing of our drug candidates; unexpected adverse side effects or inadequate therapeutic efficacy of our drug candidates; the uncertainty of patent protection for our intellectual property or trade secrets; unanticipated additional research and development, litigation and other costs; and the potential for abuse-deterrent pain medications or other competing products to be developed by competitors and potential competitors or others. For further information regarding these and other risks related to our business, investors should consult our filings with the U.S. Securities and Exchange Commission.
– Financial Tables Follow –
|PAIN THERAPEUTICS, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(unaudited, in thousands, except per share amounts)|
|Three Months Ended||Years Ended|
|December 31,||December 31,|
|Research and development||1,335||3,620||9,176||9,100|
|General and administrative||1,208||914||5,781||5,102|
|Total operating expenses||2,543||4,534||14,957||14,202|
|Net loss per share, basic and diluted||$||(0.06||)||$||(0.10||)||$||(0.33||)||$||(0.31||)|
|Weighted-average shares used in computing net loss per|
|share, basic and diluted||45,742||45,356||45,638||45,356|
|CONDENSED BALANCE SHEETS|
|Cash, cash equivalents and marketable securities||$||18,714||$||31,299|
|Other current assets||356||392|
|Total current assets||19,070||31,691|
|Other non-current assets||232||227|
|Liabilities and stockholders' equity|
|Accounts payable and accrued development expenses||$||330||$||1,928|
|Other accrued liabilities||335||623|
|Total current liabilities||665||2,551|
|Accumulated other comprehensive income||—||—|
|Total stockholders' equity||18,637||29,367|
|Total liabilities and stockholders' equity||$||19,302||$||31,918|
(1) Derived from the Company's annual financial statements as of December 31, 2015, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
For More Information Contact: Peter S. Roddy Vice President and Chief Financial Officer Pain Therapeutics, Inc. email@example.com (512) 501-2450NEXT ARTICLE
Pain is defined by the International Association for the Study of Pain as “an unpleasant sensory and emotional experience associated with actual or potential tissue damage or described in terms of such damage”. Some illnesses can be excruci...
Pain is a feeling (sharp or dull) triggered in the nervous system which can be transient or constant. Pain can be specific to one area of the body eg back, abdomen or chest or more general all over the body eg muscles ache from the flu. Without pain ...
In order to become availible to pateints, drugs need to undergo a number of phases of clinical trials to test their efficacy and safty and to then be authorised by the drug approval organistion in each respective country. This is the FDA in the USA and N...