- A clinical abuse potential study via the nasal route of abuse; and
- A non-clinical ( in vitro) abuse potential study using household solvents.
Financial Highlights for Q2 2017
- At June 30, 2017, cash and investments were $14.1 million, compared to $17.3 million at March 31, 2017. The Company has no debt.
- Net cash used during the three months ended June 30, 2017 was $3.2 million.
- Research and development expenses for the three months ended June 30, 2017 were $3.1 million compared to $1.6 million in the prior year period. The increase was primarily due to increased activities related to REMOXY NDA resubmission. Research and development expenses included non-cash stock-related compensation of $0.3 million in the three months ended June 30, 2017 compared to $0.4 million in the prior year period.
- General and administrative expenses for the three months ended June 30, 2017 were $1.1 million compared to $1.5 million in the prior year period. The decrease was primarily due to a decrease in compensation expenses. General and administrative expenses included non-cash stock-related compensation of $0.4 million in the three months ended June 30, 2017 compared to $0.6 million in the prior year period.
- During Q2 2017, we completed a 7-for-1 Reverse Split of our outstanding shares of common stock. This reduced the number of shares of common stock outstanding from about 46.1 million shares pre-Reverse Split to about 6.6 million shares post-Reverse Split. The Reverse Split did not affect any stockholder's percentage equity ownership in Pain Therapeutics.
About Alzheimer's Disease and PTI-125 Alzheimer's Disease (AD) is a progressive brain disorder that slowly destroys memory and thinking skills, and eventually the ability to carry out the simplest tasks. There is no approved drug therapy to reverse, or even halt, the course of AD. PTI-125 is an oral, small molecule drug candidate that was designed in-house and characterized by outside collaborators. PTI-125 has been shown to significantly improve AD neuropathologies in mouse models of the disease and in post-mortem brain tissue from AD patients, including receptor dysfunctions, neuroinflammation, tau hyperphosphorylation, insulin resistance and plaques and tangles that are hallmarks of AD. Building on this science, we also have under development a blood-based diagnostic for AD.Pain Therapeutics owns worldwide commercial rights to PTI-125 and related technology. About Pain Therapeutics, Inc. Pain Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops novel drugs. The FDA has not yet established the safety or efficacy of any of our drug candidates. For more information, please visit www.paintrials.com. 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 our projected net cash usage in 2017; statements regarding regulatory plans and strategies to resubmit the REMOXY NDA; statements regarding the timing or estimated costs of studies and actions needed to resubmit the REMOXY NDA to the FDA; and our plans to evaluate PTI-125 in a first-in-human study. 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.
|PAIN THERAPEUTICS, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(in thousands, except per share amounts)|
|Three months ended June 30,||Six months ended June 30,|
|Research and development||$||3,063||$||1,589||$||4,452||$||5,184|
|General and administrative||1,103||1,455||2,478||3,689|
|Total operating expenses||4,166||3,044||6,930||8,873|
|Net loss per share, basic and diluted||$||(0.64||)||$||(0.46||)||$||(1.06||)||$||(1.35||)|
|Weighted-average shares used in computing net loss per share, basic and diluted||6,537||6,530||6,536||6,505|
|CONDENSED BALANCE SHEETS|
|June 30, 2017||December 31,2016|
|Cash, cash equivalents and marketable securities||$||14,067||$||18,714|
|Other current assets||12||356|
|Total current assets||14,079||19,070|
|Liabilities and stockholders' equity|
|Accounts payable and accrued development expenses||$||690||$||330|
|Other accrued liabilities||309||335|
|Total current liabilities||999||665|
|Common Stock and additional paid-in-capital||165,661||164,125|
|Accumulated other comprehensive income||—||—|
|Total stockholders' equity||13,270||18,637|
|Total liabilities and stockholders' equity||$||14,269||$||19,302|
For More Information Contact:Ruth ArayaPain Therapeutics, Inc.IR@paintrials.com(512) 501-2485