Pain Therapeutics Reports Q1 2014 Financial Results
Conference Call Today at 4:30 p.m. Eastern Time
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
oAt March 31, 2014, cash and investments were $47.1 million, compared to
$49.8 million at December 31, 2013. We have no debt.
oNet cash used in Q1 2014 was $2.7 million.
oResearch 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.
oGeneral 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.
Our lead drug candidate, REMOXY (oxycodone) Extended-Release Capsules CII, is
an oral formulation of oxycodone for the management of moderate-to-severe pain
when a continuous, around-the-clock opioid analgesic is needed for an extended
period of time. We designed REMOXY to discourage common methods of tampering
and misuse. Pfizer, Inc. (NYSE:PFE) is our exclusive, worldwide commercial
partner for REMOXY, except as to Australia and New Zealand.
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 will host a conference call today at 4:30 p.m. Eastern time
to discuss Q1 2014 financial results and respond to questions from investors.
Participants may access the call by dialing 1-877-407-4018 in the U.S. or
1-201-689-8471 outside the U.S. The call will be webcast live on the Company's
website at www.paintrials.com. A playback of the call will be available for
approximately 7 days after the live event.To access the playback, please dial
1-877-870-5176 in the U.S. or 1-858-384-5517 outside the U.S. and enter code
About Pain Therapeutics, Inc.
Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel
drugs. The FDA has not approved any of our drug candidates for commercial
sale. 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, any
statements relating to the company's projected cash use for 2014; potential
future milestone payments; reimbursement of development expenses for REMOXY;
royalty and supplemental payments based on net sales of REMOXY; and the
potential benefits of REMOXY.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 difficulties or delays
in obtaining regulatory approval of REMOXY and in development and testing of
our other drug candidates; unexpected adverse side effects or inadequate
therapeutic efficacy of our drug candidates; difficulties or delays in
commercialization efforts with respect to REMOXY, if approved for marketing,
or failure of REMOXY to gain market acceptance; the uncertainty of patent
protection for our intellectual property or trade secrets; unanticipated
additional research and development, litigation and other costs; the receipt
of funds from Pfizer; potential diversion of resources from the pursuit of
development and commercialization of REMOXY; and the potential for
abuse-resistant pain medications or other competing products or therapies to
be developed by competitors and potential competitors or others.For further
information regarding these and other risks related to the Company's business,
investors should consult the Company's filings with the Securities and
– Financial Tables Follow –
PAIN THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended March 31,
Program fee revenue $— $1,958
Total revenue — 1,958
Research and development 2,147 1,183
General and administrative 1,317 1,218
Total operating expenses 3,464 2,401
Operating loss (3,464) (443)
Interest income 14 35
Net loss $(3,450) $(408)
Net loss per share, basic and diluted $(0.08) $(0.01)
Weighted-average shares used in
computing netloss per share, basic and 45,127 44,932
CONDENSED BALANCE SHEETS
March 31, December 31,
Cash, cash equivalents and marketable $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 $729 $1,086
Other accrued liabilities 889 715
Total current liabilities 1,618 1,801
Non-current liabilities — —
Total liabilities 1,618 1,801
Common Stock and additional 153,257 152,408
Accumulated other comprehensive income 1 1
Accumulated deficit (107,557) (104,107)
Total stockholders' equity 45,701 48,302
Total liabilities and stockholders' $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.
Press spacebar to pause and continue. Press esc to stop.