Pain Therapeutics Receives $5,000,000 Payment
SAN MATEO, Calif., Jan. 28, 2011 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today announced that it had received a $5,000,000 milestone payment from King Pharmaceuticals, Inc. (NYSE:KG), its exclusive commercial partner for abuse-resistant prescription pain medications.
Payment was made in connection with the acceptance by the U.S. Food & Drug Administration (FDA) of an investigational new drug application, or IND, for abuse-resistant oxymorphone. The IND application was submitted by Pain Therapeutics and accepted by FDA within 30 days of its submission.
Like REMOXY® (controlled-release oxycodone), Pain Therapeutics' novel formulation of oxymorphone is specifically designed to resist common methods of prescription drug abuse.
On October 11, 2010, King entered into an agreement and plan of merger with Pfizer Inc. (NYSE:PFE), the world's largest research-based pharmaceutical company, pursuant to a tender offer. The tender offer is ongoing.
REMOXY® is a registered trademark of Pain Therapeutics, Inc.
About Pain Therapeutics, Inc.
Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel drugs. In addition to REMOXY, the Company has three other drug candidates in clinical programs. These include a novel monoclonal antibody-based treatment against metastatic melanoma. The Company is also developing a new treatment for patients with hemophilia, a genetic disorder in which patients are unable to stop bleeding. For more information, please see http://www.paintrials.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). When used in this press release, the words "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this press release include statements concerning, among other items, expectations regarding the drug's ability to resist common methods of abuse; and the pending acquisition of King by Pfizer. The Company 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. 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 regulatory approval of REMOXY; unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates; the uncertainty of delay or abandonment of the announced acquisition of King by Pfizer; the uncertainty of patent protection for the Company's intellectual property or trade secrets; the timing and receipt of funds from King; the potential for abuse resistant pain medications to be developed by competitors and potential competitors to the Company; and the potential for Pfizer, if the acquisition of King is completed, to hold rights to products or product candidates that may be competitive to REMOXY. 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.
CONTACT: Judy Ishida
Administrative Manager
Pain Therapeutics, Inc.
650-645-1924