AUSTIN, Texas, May 6, 2014 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for Q1 2014. Net loss in Q1 2014 was $3.5 million, or $0.08 per share, compared to a net loss in Q1 2013 of $0.4 million, or $0.01 per share. Net cash used in Q1 2014 was $2.7 million. At March 31, 2014, cash and investments were $47.1 million. As previously disclosed, the Company believes net cash usage for 2014 may be approximately $12 million. "We continue to carefully monitor the progress of REMOXY by Pfizer," said Remi Barbier, President & CEO. "We also continue to believe the next few quarters ahead may be pivotal for the Company and its shareholders." Financial Highlights for Q1 2014
- At March 31, 2014, cash and investments were $47.1 million, compared to $49.8 million at December 31, 2013. We have no debt.
- Net cash used in Q1 2014 was $2.7 million.
- Research and development expenses increased to $2.1 million in Q1 2014 from $1.2 million in Q1 2013, primarily due to increased investment in early stage drug assets. Research and development expenses included non-cash stock-related compensation costs of $0.3 million in Q1 of both 2014 and 2013.
- General and administrative expenses increased slightly to $1.3 million in Q1 2014 from $1.2 million in Q1 2013, primarily due to increased non-cash stock-related compensation. General and administrative expenses included non-cash stock-related compensation costs of $435,000 in Q1 2014 and $376,000 in Q1 2013.
REMOXY Deal Economics
- To date, we have received total cash payments of $185 million in program fees and milestone payments under our strategic alliance with Pfizer.
- We are eligible to receive from Pfizer a $15.0 million payment upon FDA approval of REMOXY.
- After the commercial launch of REMOXY by Pfizer, we will receive a royalty of 20% of net sales in the United States, except as to the first $1.0 billion in cumulative net sales, which royalty is set at 15%. Outside the United States, the royalty rate is 10%.
- We will also receive from Pfizer a supplemental payment of 6.0% to 11.5% of net sales, depending on the range of total dollar sales in each year, covered by the strategic alliance. This supplemental payment is tied to the full amount of our financial obligations to Durect Corporation, our exclusive supplier of certain excipients in REMOXY.
- All development and commercialization expenses around REMOXY are reimbursed or paid for by Pfizer.
- We retain commercial rights to REMOXY in Australia/New Zealand. We have not yet announced a market entry strategy for these territories.
- As previously announced, in October 2013 Pfizer returned to us all rights with respect to abuse-resistant formulations of three opioid drugs: hydrocodone, hydromorphone and oxymorphone. We are free to develop and commercialize these assets on our own or with a licensee of our choice, and may do so without notice or approval from Pfizer. We have not yet announced a market entry strategy for these drug assets.
|PAIN THERAPEUTICS, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(in thousands, except per share amounts)|
|Three Months Ended March 31,|
|Program fee revenue||$ —||$ 1,958|
|Research and development||2,147||1,183|
|General and administrative||1,317||1,218|
|Total operating expenses||3,464||2,401|
|Net loss||$ (3,450)||$ (408)|
|Net loss per share, basic and diluted||$ (0.08)||$ (0.01)|
|Weighted-average shares used in computing net loss per share, basic and diluted||45,127||44,932|
|CONDENSED BALANCE SHEETS|
|March 31, 2014||December 31, 2013(1)|
|Cash, cash equivalents and marketable securities||$ 47,102||$ 49,838|
|Other current assets||141||265|
|Total current assets||47,243||50,103|
|Property and equipment||76||—|
|Total assets||$ 47,319||$ 50,103|
|Liabilities and stockholders' equity|
|Accounts payable and accrued development expenses||$ 729||$ 1,086|
|Other accrued liabilities||889||715|
|Total current liabilities||1,618||1,801|
|Common Stock and additional paid-in-capital||153,257||152,408|
|Accumulated other comprehensive income||1||1|
|Total stockholders' equity||45,701||48,302|
|Total liabilities and stockholders' equity||$ 47,319||$ 50,103|
|(1) Derived from the Company's annual financial statements as of December 31, 2013, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.|
CONTACT: Peter S. Roddy Vice President and Chief Financial Officer Pain Therapeutics, Inc. firstname.lastname@example.org (512) 501-2450 Barbara Ryan FTI Consulting Barbara.email@example.com (212) 850-5679