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Pain Therapeutics Reports 2013 Financial Results and Provides Guidance for 2014

Conference Call Today at 5:00 p.m. Eastern

AUSTIN, Texas, Feb. 4, 2014 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for 2013 and provided guidance for 2014. Net profit in 2013 was $31.5 million, or $0.70 per diluted share, compared to a net loss in 2012 of $3.4 million, or $0.08 per share.

"We are excited about what lies ahead for PTIE in 2014," said Remi Barbier, President & CEO. "We'll be watching the progress of REMOXY carefully over the next few quarters, as Pfizer has stated an intent to refile an NDA mid-2015. Any moves towards risk-reduction around this drug candidate may accelerate our corporate strategy to transition from purely an R&D company to a mix of R&D and product revenue. Based on the clinical and commercial profiles of REMOXY, and potential upside of our early-stage assets, I believe 2014 may be a pivotal year for us."

We expect net cash usage for 2014 may be approximately $12 million, reflecting increased investment in early-stage assets. At December 31, 2013, cash and investments were $49.8 million.

Financial Highlights for 2013

ABOUT REMOXY

Our lead drug candidate, REMOXY®, is an extended-release 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 (oxycodone) Extended-Release Capsules CII, except as to Australia and New Zealand.

REMOXY Deal Economics

Conference Call

Pain Therapeutics will host a conference call today at 5:00 p.m. Eastern time to discuss 2013 financial results, provide guidance for 2014 and to respond to questions. 

To participate in the conference call, please dial 1-877-407-9039 (within the U.S.) or 1-201-689-8470 (outside the U.S.) prior to the start of the call.  Those interested in listening to the conference call live via the internet may do so by visiting 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 (within the U.S.) or 1-858-384-5517 (outside the U.S.) and enter code 13575504.

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; the progress of REMOXY over the next few quarters, future growth of early stage assets, expectations related to taxable income for 2013; potential future milestone payments; reimbursement of development expenses for REMOXY and supplemental payments and royalties based on revenue from 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, testing and pursuit of regulatory approval 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 our products, if any are approved for marketing, or failure of such products 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 timing and 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 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,
  2013 2012(1) 2013 2012(1)
 Revenue:         
 Program fee revenue   $ 35,244   $ 2,468   $ 41,119   $ 10,641
 Collaboration revenue   —  —  —  249
 Total revenue   35,244  2,468  41,119  10,890
 Operating expenses:         
 Research and development   1,151  2,101  4,917  7,605
 General and administrative   1,190  2,209  4,837  7,182
 Total operating expenses   2,341  4,310  9,754  14,787
 Operating income (loss)   32,903  (1,842)  31,365  (3,897)
 Interest and other income, net   39  46  106  451
 Income (loss) before provision for (benefit from) income taxes   32,942  (1,796)  31,471  (3,446)
 Provision for (benefit from) income taxes   (73)  —  (73)  —
 Net income (loss)   $ 33,015  $ (1,796)   $ 31,544   $ (3,446)
 Net income (loss) per share         
 Basic    $ 0.73   $ (0.04)   $ 0.70   $ (0.08)
 Diluted    $ 0.72   $ (0.04)   $ 0.70   $ (0.08)
 Weighted-average shares used in computing net income (loss) per share         
 Basic    $ 45,059   $ 44,903   $ 45,007   $ 44,753
 Diluted    $ 45,862   $ 44,903   $ 45,208   $ 44,753
         
 CONDENSED BALANCE SHEETS     
       December 31, 
      2013 2012(1)
       (Unaudited)   
 Assets         
 Current assets         
 Cash, cash equivalents and marketable securities       $ 49,838  $ 56,254
 Other current assets       265  253
 Total current assets       50,103  56,507
 Other non-current assets       —  352
 Total assets       $ 50,103  $ 56,859
 Liabilities and stockholders' equity         
 Current liabilities         
 Accounts payable and accrued development expenses       $ 1,086  $ 1,290
 Deferred program fee revenue - current portion       —  7,832
 Other accrued liabilities       715  877
 Total current liabilities       1,801  9,999
 Non-current liabilities         
 Deferred program fee revenue - non-current portion       —  33,287
 Other liabilities       —  437
 Total liabilities       1,801  43,723
 Stockholders' equity         
 Common stock       45  45
 Additional paid-in-capital       152,363  148,738
 Accumulated other comprehensive income       1  4
 Accumulated deficit       (104,107)  (135,651)
 Total stockholders' equity       48,302  13,136
 Total liabilities and stockholders' equity       $ 50,103  $ 56,859
         
(1) Derived from the Company's annual financial statements as of December 31, 2012, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
         
CONTACT: For More Information Contact:

         Peter S. Roddy

         Vice President and Chief Financial Officer

         Pain Therapeutics, Inc.

         proddy@paintrials.com

         (512) 501-2450

         

         Barbara Ryan

         FTI Consulting

         Barbara.ryan@fticonsulting.com

         (212) 850-5679

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