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Pain Therapeutics Reports Q1 2015 Financial Results

- REMOXY® Transition Nears Completion, Setting Stage for Eventual NDA Resubmission -

AUSTIN, Texas, May 7, 2015 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for the quarter ended March 31, 2015. Net loss in Q1 2015 was $2.6 million, or $0.06 per share, compared to a net loss in Q1 2014 of $3.5 million, or $0.08 per share. Cash and investments were $39.2 million at March 31, 2015. The Company continues to expect net cash usage in 2015 may be approximately $12 million.

Pain Therapeutics recently announced that it had resumed responsibility for REMOXY under the terms of a letter agreement with Pfizer. Pain Therapeutics and Pfizer continue to implement a detailed transition plan involving an orderly transfer of a large amount of data, materials, capital equipment and other assets related to REMOXY. Pain Therapeutics continues to believe the transition will be substantially completed in Q2 2015.  The Company has not yet provided guidance on a potential date to re-file the REMOXY New Drug Application.

Financial Highlights for Q1 2015

About REMOXY®

We own world-wide commercial rights to our lead drug candidate, REMOXY Extended-Release Capsules CII, a unique, twice-a-day formulation of oral oxycodone. REMOXY's intended indication is for the management of moderate-to-severe pain when a continuous, around-the-clock opioid analgesic is needed for an extended period of time and for which alternative treatments are inadequate. We specifically developed REMOXY to discourage certain common methods of drug tampering and misuse. The REMOXY NDA is supported by multiple clinical trials, including a successful Phase III efficacy program that was conducted under a Special Protocol Assessment.

About Pain Therapeutics, Inc.

Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel drugs. The FDA has not approved 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, our projected cash use in 2015; and statements relating to Pfizer's return to us of rights to REMOXY, including data related to REMOXY and the timing of substantial completion of the transition of REMOXY back to us in connection with the termination of our Collaboration Agreement with Pfizer. 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 Pfizer's return of REMOXY to us in connection with the termination of the Collaboration Agreement with Pfizer; difficulties or delays in development and testing of our other 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.

- Financial Tables Follow -

PAIN THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
     
  Three months ended March 31,
  2015 2014
 Operating expenses     
 Research and development   $ 1,138  $ 2,147
 General and administrative   1,457  1,317
 Total operating expenses   2,595  3,464
 Operating loss   (2,595)  (3,464)
 Interest income   12  14
 Net loss   $ (2,583)  $ (3,450)
     
Net loss per share, basic and diluted  $ (0.06)  $ (0.08)
     
Weighted-average shares used in computing net loss per share, basic and diluted  45,356  45,127
     
CONDENSED BALANCE SHEETS
(in thousands)
  March 31,
2015
December 31,
2014(1)
  (Unaudited)  
 Assets     
 Current assets     
 Cash, cash equivalents and marketable securities   $ 39,248  $ 40,590
 Other current assets   119  239
 Total current assets   39,367  40,829
 Other assets   268  77
 Total assets   $ 39,635  $ 40,906
 Liabilities and stockholders' equity     
 Current liabilities     
 Accounts payable and accrued development expenses   $ 462  $ 198
 Other accrued liabilities   738  652
 Total current liabilities   1,200  850
 Non-current liabilities   —  —
 Total liabilities   1,200  850
 Stockholders' equity     
 Common Stock and additional paid-in-capital   157,510  156,548
 Accumulated other comprehensive income   1  1
 Accumulated deficit   (119,076)  (116,493)
 Total stockholders' equity   38,435  40,056
 Total liabilities and stockholders' equity   $ 39,635  $ 40,906
     
(1) Derived from the Company's annual financial statements as of December 31, 2014, 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

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