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News Breaks
December 9, 2012
20:46 EDTPTIEPain Therapeutics declares special one-time cash distribution to shareholders
Pain Therapeutics announced that a committee of its Board of Directors has declared a special one-time cash distribution of 75c per share to shareholders, or an aggregate of about $34M. The Record Date for this distribution is December 17. The company expects to complete the distribution on or around December 24. The nondividend distribution will be paid entirely from cash reserves. At September 30, Pain Therapeutics had cash and total investments of about $92M, no debt and an expected net burn rate of under $10M for 2012, before giving effect to the nondividend distribution. The company expects its net burn rate for the first half of 2013 to be $5M.
News For PTIE From The Last 14 Days
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October 28, 2014
07:35 EDTPTIEDURECT price target liowered to $1.50 from $2.50 at Stifel
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October 27, 2014
16:36 EDTPTIEOn The Fly: Closing Wrap
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09:02 EDTPTIEPain Therapeutics to host conference call
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08:15 EDTPTIEPain Therapeutics to regain full rights to REMOXY
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08:08 EDTPTIEDURECT reports Pfizer to discontinue agreement with Pain Therapeutics
DURECT (DRRX) reported today that Pfizer (PFE) announced that it has notified Pain Therapeutics (PTIE) that Pfizer has decided to discontinue its agreement to develop and commercialize REMOXY Extended-Release Capsules CII, an investigational extended-release oral formulation of oxycodone. Pfizer will return all rights, including responsibility for regulatory activities, to Pain Therapeutics. As a result, Pain Therapeutics has the rights to develop and commercialize REMOXY on its own or with an alternative licensee. Pain Therapeutics had the rights to develop and commercialize this product candidate under a license from DURECT.
08:02 EDTPTIEPfizer to discontinue agreement on REMOXY ER capsules CII
Pfizer Inc. (PFE) has notified Pain Therapeutics, Inc. (PTIE) that it has decided to discontinue its agreement to develop and commercialize REMOXY Extended-Release Capsules CII, an investigational extended-release oral formulation of oxycodone. Pfizer will return all rights, including responsibility for regulatory activities, to Pain Therapeutics, Inc. Pfizer has concluded an internal review of the top-line results of five recently completed clinical studies required to address the Complete Response Letter received in June 2011 from the U.S. Food and Drug Administration (FDA). Pfizer and Pain Therapeutics, Inc. will work together for an orderly transition of REMOXY to Pain Therapeutics, Inc. Pfizer will continue ongoing activities under the agreement for the next six months until the scheduled termination date. Pfizer supports the appropriate use of opioid pain medications, and believes that abuse-deterrent products are important to help address the growing public health problem of opioid abuse in the U.S.
08:00 EDTPTIEPain Therapeutics trading halted, pending news
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