2012 may be an important year for Pain Therapeutics

Pain Therapeutics, Inc. (Nasdaq:PTIE) reported financial results for the full year ended December 31, 2011. Net loss was $2.6 million in 2011, or $0.06 per share, compared to a net loss of $12.0 million in 2010, or $0.28 per share.

Cash and equivalents stood at $98.1 million at December 31, 2011. Net cash usage for the first half of 2012 is expected to be under $5.0 million. The Company has no debt.

“2012 may be an important year for Pain Therapeutics,” said Remi Barbier, President & CEO. ”We have a strong balance sheet, a history of disciplined spending and a late-stage drug asset under development by Pfizer. We also have a highly focused research and development strategy and significant management ownership of the Company. With these strengths, I think we have the potential to build a major business in biotechnology.”

2011 Financial Detail

• Collaboration revenue of $0.6 million reflects reimbursement of our development expenses under our strategic alliance with Pfizer.
• Research and development expenses decreased to $8.3 million in 2011 from $15.7 million in 2010. Research and development expenses included $2.7 million in non-cash stock related compensation costs in 2011 and $10.3 million in 2010. This includes $7.4 million related to a special, one-time nondividend distribution in December 2010.
• General and administrative expenses decreased to $6.7 million in 2011 from $14.8 million in 2010. General and administrative expenses included $2.8 million in non-cash stock related compensation costs in 2011 and $9.9 million in 2010. This includes $7.4 million related to a special, one-time nondividend distribution in December 2010.

About REMOXY

Our lead drug is called REMOXY^®. It is an investigational extended-release oral formulation of oxycodone for the relief of moderate to severe pain requiring continuous, around-the-clock opioid treatment.  We developed REMOXY to discourage common methods of drug tampering.

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.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.