-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ON64fdWrPUgmW5W27F3K7XLshqoUMqZBZg9s9PoUiTex+xAVEuzpum+r46WSO3Oe j2LHP2yHEUfcv/VX2+M0JQ== 0000891092-04-003281.txt : 20040720 0000891092-04-003281.hdr.sgml : 20040720 20040720084702 ACCESSION NUMBER: 0000891092-04-003281 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040720 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAIN THERAPEUTICS INC CENTRAL INDEX KEY: 0001069530 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 911911336 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29959 FILM NUMBER: 04921058 BUSINESS ADDRESS: STREET 1: 250 EAST GRAND AVENUE STREET 2: SUITE 70 CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 BUSINESS PHONE: 6506248200 MAIL ADDRESS: STREET 1: 416 BROWNING WAY STREET 2: NONE CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 8-K 1 e18447_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 20, 2004 Pain Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 000-29959 91-1911336 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification Number) 416 Browning Way, South San Francisco 94080 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (650) 624-8200 N/A (Former name or former address, if changed since last report) TABLE OF CONTENTS Item 7. Financial Statements and Exhibits. Item 12. Results of Operations and Financial Condition SIGNATURE EXHIBIT INDEX EX - 99.1 Press release Item 7. Financial Statements and Exhibits. (c) Exhibits The following exhibits are filed with this report on Form 8-K: Exhibit Number Description ------- ------------------------------------------------- 99.1 Press Release, dated July 20, 2004 Item 12. Results of Operations and Financial Condition On July 20, 2004, Pain Therapeutics, Inc. issued a press release announcing its results for the quarterly period ending June 30, 2004. A copy of this press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PAIN THERAPEUTICS, INC. a Delaware corporation Date: July 20, 2004 By: /s/ Peter S. Roddy ------------------------ Peter S. Roddy Chief Financial Officer EXHIBIT INDEX Exhibit Number Description - ------- ----------------------------------------------------- 99.1 Press Release, Dated July 20, 2004 EX-99.1 2 e18447ex99_1.txt PRESS RELEASE Exhibit 99.1 Pain Therapeutics Announces Second Quarter 2004 Financial Results SOUTH SAN FRANCISCO, Calif., July 20 /PRNewswire-FirstCall/ -- Pain Therapeutics, Inc. (Nasdaq: PTIE), a biopharmaceutical company, today reported financial results for the three and six months ended June 30, 2004. The net loss for the quarter ended June 30, 2004 was $9.1 million, or $0.26 per share, compared to a net loss of $4.3 million, or $0.16 per share, in the second quarter of 2003. The net loss for the six months ended June 30, 2004 was $19.2 million, or $0.54 per share, compared to a net loss of $9.0 million, or $0.33 per share, for the same period in 2003. The increase in net loss in 2004 was primarily due to an increase in Phase III clinical trial activities for Oxytrex(TM) and PTI-901 and development activities for Remoxy(TM). Cash, cash equivalents and marketable securities were $61.0 million at June 30, 2004. The Company continues to expect its cash requirements for 2004 to be approximately $37 million, plus or minus 10 percent. "We achieved a number of milestones this quarter with our drug candidates," said Remi Barbier, president and chief executive officer. "We recently announced positive clinical results in two anti-abuse studies with Remoxy, our abuse-resistant version of time-release oxycodone. We remain committed to the goal of initiating a Phase III study with Remoxy by year-end. Our Oxytrex and PTI-901 programs are in line with our expectations. In addition, we presented positive pre-clinical results in neuropathic pain at the American Pain Society meeting this past May." Research and development expenses for the second quarter of 2004 increased to $8.2 million from $3.7 million for the same three-month period in 2003. Research and development expenses for the six months ended June 30, 2004 increased to $17.7 million from $7.5 million for the same period in 2003. The increase in research and development expenses was primarily due to Phase III clinical trial activities for Oxytrex and PTI-901 and development activities for Remoxy in 2004. General and administrative expenses for the second quarter of 2004 increased to $1.1 million from $0.8 million for the same period in 2003. General and administrative expenses for the six months ended June 30, 2004 increased to $2.0 million from $1.7 million for the same period in 2003. The increase in general and administrative expenses resulted primarily from higher non-cash equity related expenses. About Pain Therapeutics, Inc. We are a biopharmaceutical company that develops novel drugs. Our drugs target severe chronic pain, such as pain associated with osteoarthritis, low-back pain or irritable bowel syndrome. We have three unique drug candidates in clinical development: Oxytrex, Remoxy and PTI-901. Our two most advanced drugs, Oxytrex and PTI-901, are in Phase III clinical trials. We believe the target market for our three drug candidates exceeds $3 billion per year. We currently retain commercial rights to our drug candidates. For more information please visit our website at www.paintrials.com. Note Regarding Forward-Looking Statements: This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). PTI 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. Examples of such statements include, but are not limited to, any statements relating to the timing or scope of the Company's clinical development of its drug candidates, the Company's expected cash requirements for 2004, the potential benefits of the Company's drug candidates and the size of the potential market for the Company's products. 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 development, testing, regulatory approval, production and marketing of the Company's drug candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product approval or market acceptance (including the risk that current and past results of clinical trials are not necessarily indicative of future results of clinical trials), the uncertainty of patent protection for the Company's intellectual property or trade secrets, the Company's ability to obtain additional financing if necessary and unanticipated research and development and other costs. 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, including its Form 10-K/A for the year ended December 31, 2003 and its subsequent periodic filings. PAIN THERAPEUTICS, INC. (A Development Stage Enterprise) CONDENSED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 Operating expenses (1): Research and development $8,181 $3,715 $17,677 $7,503 General and administrative 1,106 751 2,044 1,720 Total operating expenses 9,287 4,466 19,721 9,223 Operating loss (9,287) (4,466) (19,721) (9,223) Other income: Interest income 221 120 491 261 Net loss $(9,066) $(4,346) $(19,230) $ (8,962) Basic and diluted loss per common share $(0.26) $(0.16) $(0.54) $(0.33) Weighted-average shares used in computing basic and diluted loss per common share 35,499 27,334 35,463 27,250 (1) Included in research and development and general and administrative expenses are stock based compensation expenses of $259 thousand and ($16) thousand for the three-month periods ended June 30, 2004 and 2003, respectively, and $312 thousand and $87 thousand for the six-month periods ending June 30, 2004 and 2003, respectively. PAIN THERAPEUTICS, INC. (A Development Stage Enterprise) BALANCE SHEETS (in thousands) June 30, December 31, 2004 2003(2) Assets Current assets: Cash, cash equivalents and marketable securities $60,992 $77,429 Prepaid expenses 46 1,321 Total current assets 61,038 78,750 Property and equipment, net 1,791 1,688 Other assets 75 75 Total assets $62,904 $80,513 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $817 $2,231 Accrued development expense 3,566 1,210 Accrued compensation and benefits 643 369 Other accrued liabilities 135 141 Total liabilities 5,161 3,951 Stockholders' Equity: Common stock 36 35 Additional paid-in-capital 151,451 150,732 Deferred compensation -- (7) Accumulated other comprehensive income (loss) (267) 50 Deficit accumulated during the development stage (93,477) (74,248) Total stockholders' equity 57,743 76,562 Total liabilities and stockholders' equity $62,904 $80,513 (2) Derived from audited financial statements. SOURCE Pain Therapeutics, Inc. -0- 07/20/2004 /CONTACT: Christi Waarich, Senior Manager of Investor Relations of Pain Therapeutics, Inc., +1-650-825-3324, or cwaarich@paintrials.com; or media, Kathy Nugent, Ph.D. of Burns McClellan, +1-212-213-0006, for Pain Therapeutics, Inc./ /Web site: http://www.paintrials.com / (PTIE) CO: Pain Therapeutics, Inc. ST: California IN: HEA BIO MTC SU: ERN ERP -----END PRIVACY-ENHANCED MESSAGE-----