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Biotech / Medical : Pain Therapeutics, Inc. (PTIE)
PTIE 12.08-1.3%Jan 21 4:00 PM EST
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To: Doc Bones who wrote (2)1/17/2006 7:59:14 PM
From: Jack@SI   of 28
 
Thanks Doc. I was in the process of posting the same information but you beat me to it. I did listen to the conference call and Remi was gracious about the King deal. He said it was a win-win for both parties and reflected the value of Remoxy. For PTIE it has already brought in $150 M in cash and could bring in another $150 M in milestone payments plus $100 M in reimbursable expenses plus royalties. Remi confirmed that all DRRX's royalties will be paid by King. His goal is for PTIE to file a new IND each year and expects a new abuse resistent opioid drug IND will be filed 2nd half 2006 as part of the 4 drug King deal. PTIE is negotiating with the FDA over a SPA on a 3rd PIII for Oxytrex (100% owned by PTIE)which was plagued by a high drop rate in a 2nd PIII. Remi said that this problem is common with opioid drugs. He says there are no disagreements with the FDA on the SPA and hopes the paperwork will be completed soon. The CFO confirmed that with King's $150 M payment PTIE is now holding over $200M in cash with no debt and an expected burn rate of $15M this year. This amounts to almost $5.00/share. Really unbelievable for a small biotech. Let's hope it can put this money to some productive use.
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