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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               

ABOUT REMOXY®

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

Conference Call

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 13581760.

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 Exchange Commission.

- Financial Tables Follow -

 
 
PAIN THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
     
  Three Months Ended March 31,
  2014 2013
Revenue     
Program fee revenue  $ — $ 1,958
Total revenue   —  1,958
Operating expenses     
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 net loss per share, basic and diluted  45,127  44,932
     
 
CONDENSED BALANCE SHEETS
(in thousands)
  March 31,
2014
December 31,
2013(1)
  (Unaudited)  
 Assets     
 Current assets     
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     
Current liabilities     
Accounts payable and accrued development expenses  $ 729 $ 1,086
Other accrued liabilities   889  715
Total current liabilities   1,618  1,801
Non-current liabilities   —  —
Total liabilities   1,618  1,801
Stockholders' equity     
Common Stock and additional paid-in-capital   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' 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.

         proddy@paintrials.com

         (512) 501-2450

         

         Barbara Ryan

         FTI Consulting

         Barbara.ryan@fticonsulting.com

         (212) 850-5679

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