Pain Therapeutics Reports Q2 2017 Financial Results And Mid-year Corporate Update

Published: Aug 09, 2017

AUSTIN, Texas, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for the second quarter ended June 30, 2017 and provided an update on mid-year progress and upcoming milestones.

“We made steady progress in the first half of 2017 toward building the business for the long-term,” said Remi Barbier, President & CEO of Pain Therapeutics. “This includes meeting with FDA to better understand the regulatory requirements for approval of REMOXY ER; completing patient enrollment for a clinical abuse potential study and initiating a non-clinical abuse potential study, both with REMOXY; publishing ground-breaking data for PTI-125 in a peer-reviewed scientific journal; being awarded a $1.7 million grant from NIH following a highly competitive, peer-reviewed evaluation of PTI-125; receiving FDA clearance of an IND application for PTI-125; and preparing for a Phase I ‘first-in-human’ study with PTI-125 in the near future, with funding to be provided by NIH. We believe these activities demonstrate our commitment to develop pioneering new drug assets, while maintaining a careful watch on expenses and our balance sheet.”

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