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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.
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