Pain Therapeutics Inc. reported a smaller first-quarter loss Wednesday as it spent less money on development of its pain drug candidate Remoxy.
The company said it lost $1 million, or 2 cents per share. A year ago it reported a loss of $1.8 million, or 4 cents per share. Revenue sank to $3.2 million from $6.8 million. Despite the lower revenue, Pain Therapeutics pared its loss because its research and development spending dropped to $3.1 million from $7.6 million.
Remoxy is a painkiller that is designed to be abuse-resistant. Pain Therapeutics developed the drug with King Pharmaceuticals, and if the drug is approved, Pain Therapeutics will get milestone payments and royalties on sales.
Until March 2009, Pain Therapeutics and King were jointly responsible for handling the regulatory process for Remoxy. During that month, the companies transferred all regulatory responsibility to King. The companies asked the FDA to approve Remoxy in December 2008, but the agency requested additional data.
King, of Bristol, Tenn., plans to submit a new application in the fourth quarter of this year.
In afternoon trading, Pain Therapeutics shares rose 6 cents to $6.41.