Join        Login             Stock Quote

Pain Therapeutics (PTIE) Posts Wider Than Expected Q4 Loss

 February 06, 2013 10:47 AM

(By Balaseshan) Pain Therapeutics Inc. (NASDAQ: PTIE) reported a wider fourth quarter loss due to higher operating expenses and lower revenue. Results missed Street's expectations.

Loss for the fourth quarter widened to $1.80 million or $0.04 per share from $391,000 or $0.01 per share in the same period last year.

Total revenue declined 10.2% to $2.47 million, primarily due to lower collaboration revenue from reimbursements of research and development expenses under collaboration agreement with Pfizer Inc. (NYSE: PFE).

Analysts, on average, polled by Thomson Reuters had expected a loss of $0.02 per share on revenue of $2.79 million for the fourth quarter.

[Related -Markets Gain As European Debt Crisis Eases, Nike Registered 14 Percent Rise In Its Q4 Profit]

Research and development expenses rose to $2.10 million from $1.71 million, while general and administrative expenses increased to $2.21 million from $1.62 million.

At December 31, 2012, the company's cash and equivalents were $56.3 million. Pain Therapeutics expects net cash usage for the first half of 2013 to be under $5.0 million.

The company's lead drug candidate is called REMOXY (oxycodone), which is used for patients with moderate-to-severe chronic pain. The drug is designed to discourage common methods of tampering associated with prescription analgesic misuse and abuse.

The company is eligible to receive up to an additional $120.0 million in clinical/regulatory milestone payments, including a $15.0 million payment upon FDA approval of REMOXY. Upon the commercial launch of REMOXY, PTIE will receive from Pfizer a royalty of 20% of net sales in the U.S., except as to the first $1.0 billion in cumulative net sales, which royalty is set at 15%.

[Related -52-Week High & Low Stocks: CNU, ICGN, INTX, PTIE]

PTIE is trading down 2.41% at $2.84 on Wednesday. The stock has been trading between $2.34 and $5.86 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.