Pain Therapeutics Reports 2017 Financial Results and Corporate Update

Pain Therapeutics (Nasdaq:PTIE) today reported financial results for the year ended December 31, 2017. Net loss in 2017 was $11.9 million, or $1.82 per share, compared to a net loss in 2016 of $14.9 million, or $2.28 per share.

As quoted in the press release:

Net cash used during the year ended December 31, 2017 was $8.2 million.  Cash and investments were $10.5 million as of December 31, 2017, with no debt.  We believe net cash usage in 2018 will decrease significantly compare to 2017 and may be in the range of $5-6 million.

“In 2018, our focus will be on REMOXY and its potential to receive marketing clearance this year,” said Remi Barbier, Chairman, President & CEO. “As part of this focus, we intend to resubmit the REMOXY NDA to the FDA in Q1 with Priority Review; to maintain fiscal discipline; and to advance the progress of our earlier‐stage programs with non-dilutive funding.”

Click here to read the full press release.