Pain Therapeutics ends quarter with $213.9 million

By Lisa Kerner

Charlotte, N.C., Oct. 25 - Pain Therapeutics, Inc. said it had cash, cash equivalents and marketable securities of $213.9 million at Sept. 30, more than enough to meet its expected cash requirements of less than $3 million for the full year.

Previously, the company estimated that it would need $15 million of cash for 2006. Pain Therapeutics attributed the lower estimated cash requirement to its continued fiscal discipline, reimbursements and a milestone payment.

Net income for the quarter was up at $9.7 million, or $0.22 per share, from a net loss of $8.8 million, or $0.20 per share, for the third quarter of 2005.

Research and development expenses for the quarter increased to $10.5 million from $8.1 million for the prior-year quarter.

For the first nine months of 2006, Pain Therapeutics' net income increased to $11.9 million, or $0.27 per share, from a net loss of $27.5 million, or $0.63 per share, for the same period of 2005.

The company said research and development expenses for the nine-month period rose to $33.5 million from $25.8 million for the prior-year period.

The South San Francisco, Calif.-based biopharmaceutical company plans to start a phase 3 study with Oxytrex by the end of year and is on track to announce results of a phase 3 trial with Remoxy in the first half of 2007, according to a company news release.

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