Abstract from Previous Report on Pain Therapeutics, Inc. (PTIE)
November 2012 comments on Pain Therapeutics (PTIE): With $2.10 per share of cash and minimal cash burn, we still view the cash position as a floor for the stock in the event of Remoxy termination. While we have lowered our Private Market Value for PTIE due to the extended timeline for Remoxy and the added uncertainty around the go/no-go decision, PTIE still trades at a meaningful discount to our intrinsic value calculation. We do not expect Pain Therapeutics’ management to offer much more insight when they report results, making Pfizer’s data in Q1 2013 the next catalyst.
Abstract from Current Report on Pain Therapeutics, Inc. (PTIE)
On April 30, 2013 Pfizer provided an updated on Remoxy’s status during the question and answer portion of the company’s first quarter earnings call. Pfizer was asked about the company’s abuse deterrent portfolio following the FDA’s decision to ban generics of the old OxyContin formulation for safety reasons. Pfizer management noted that the OxyContin decision would help guide their strategy.