SAN MATEO, Calif. (AP) – Pain Therapeutics Inc. on reported a smaller first-quarter loss on lower costs as the company awaits a regulatory decision on the painkiller Remoxy.
The company said it lost $207,000, or break-even on a per-share basis, compared with a loss of $1 million, or 2 cents per share, in the prior year period. Revenue remained flat at about $3.2 million.
Operating expenses fell 19 percent to $3.7 million on lower research and development costs The company’s key drug candidate is the painkiller Remoxy, which is designed to be abuse-resistant.
Remoxy was developed by Durect Corp. and licensed by Pain Therapeutics. Pfizer Inc. now holds a sublicense from Pain Therapeutics. The FDA is scheduled to make a decision on Remoxy by June 23.
Date: April 27, 2011
Source: Associated Press
