National Institute on Drug Abuse Awards Pain Therapeutics $2.2 Million Grant
September 18 2017 - 07:00AM
Pain Therapeutics, Inc. (Nasdaq:PTIE), a biopharmaceutical company,
today announced that it has been awarded a research and development
grant from the National Institute on Drug Abuse (NIDA). The
grant of approximately $2.2 million provides Pain Therapeutics with
a path forward to develop FENROCK™, a drug candidate for severe
pain. FENROCK is a transdermal patch that contains the
prescription drug fentanyl to manage pain and incorporates novel
abuse-deterrent technology.
“We are grateful for NIDA’s scientific and
financial support for FENROCK”, said Remi Barbier, President &
CEO of Pain Therapeutics. “This grant underscores the urgent
need to better address the abuse potential of currently marketed
fentanyl patches.”
NIDA’s research grant is a technical-milestone
based award that will enable Pain Therapeutics to immediately move
forward with the development of FENROCK, an early-stage drug
candidate. NIDA awarded this research grant to Pain
Therapeutics following a competitive, in-depth evaluation of its
technology for scientific and technical merit.
Fentanyl is an opioid drug that is up to 100
times more potent than morphine. When used properly by
patients under the care of a qualified physician, a fentanyl patch
releases drug slowly over 72 hours. This helps to manage pain
that is severe enough to require daily around-the-clock, long-term
treatment. However, fentanyl is also abused by non-patients
for its euphoric effects. Abusers can chew on a fentanyl
patch, or simply extract the fentanyl from a patch, then inject or
ingest the contents. This practice is illicit and highly
dangerous. It can quickly introduce into the body a massive
amount of fentanyl, which can lead to addiction, overdose and
death.
Pain Therapeutics developed in-house the
technology for FENROCK and owns all development and commercial
rights, without royalty or milestone obligations to any
third-parties.
Fentanyl is a schedule II substance under the
U.S. Controlled Substance Act.
About Pain
Therapeutics, Inc.Pain Therapeutics, Inc. is a
clinical-stage biopharmaceutical company that develops novel
drugs. The FDA has not yet established the safety or efficacy
of any of our drug candidates. For more information, please
visit 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"). Pain Therapeutics 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, statements regarding the safety,
efficacy, or any abuse deterrent properties of FENROCK. 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 the ability
to demonstrate the specificity, safety, efficacy or potential
benefits of a transdermal patch to treat pain. For further
information regarding these and other risks related to our
business, investors should consult our filings with the U.S.
Securities and Exchange Commission.
For More Information
Contact:Ruth ArayaPain Therapeutics,
Inc.IR@paintrials.com (512) 501-2485
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