Pain Therapeutics, a novel pharmaceutical drug company based in Austin, Texas, has reported its first quarter 2013 financial earnings. As of right now, the official report of 2013 Q1 financial results indicates that the Food and Drug Administration (FDA) has not approved any drugs developed by Pain Therapeutics for commercial sale.
The first quarter financial reports by Pain Therapeutics show a net loss of $408,000 for the company, compared to a net profit of $30,000 in the first quarter of 2012. This equates to a share loss of $0.01 each for the first quarter of this year. Although Pain Therapeutics is reporting a loss, they are also reporting a decrease in investment cost and general and administrative costs. The leading cause of the net loss report is their lead drug candidate REMOXY, which has yet to be approved by the FDA.
Pfizer is the exclusive worldwide partner for the company’s pain reliever (designed to offer time-released pain relief that can help deter misuse and abuse of similar medications). Although Pfizer has conducted many investigations on the medication in order to meet the FDA’s requirements since 2011, the drug has yet to be approved and placed on the market.
Although the Austin-based company has had some difficulties so far in getting their pharmaceutical drugs approved by the FDA, the company continues to maintain that there is potential for a bright future for the novel medications and the company itself.