Pain Therapeutics, Inc. (NASDAQ:PTIE)
Austin, TX-based Pain Therapeutics, Inc. (NASDAQ:PTIE) shares are up over 35% in mid-day trading after the firm announced the completion of a Phase I clinical study for PTI-125, a new experimental drug therapy to treat Alzheimer’s Disease. By 1PM, PTIE shares had a volume of over 16.7 million for a stock that has an average daily trading volume of less than 40,000 shares.
Remi Barbier, President & CEO of Pain Therapeutics, Inc. (NASDAQ:PTIE) stated “The clinical data are encouraging. Given the absence of dose-limiting effects in healthy adults, an excellent non-clinical safety database, a strong scientific rationale, and multiple peer-reviewed publications and research grant awards, we are eager to move this drug program to the next level of development.”
Pain Therapeutics conducted this study with support from a $1.7 million research grant award from the National Institute on Aging, part of the National Institutes of Health.
PTI-125 was evaluated, at a single U.S. site, in 24 healthy human volunteers for safety, tolerability, and pharmacokinetics. The drug was well-tolerated in all subjects. Importantly, PTI-125 showed no treatment-related adverse effects and no dose-limiting safety findings. Pharmacokinetic measurements showed PTI-125, a small molecule, was rapidly absorbed. Dose-proportionality outcomes were observed over the entire dose range of 50 to 200 mg. Pain Therapeutics Inc. (NASDAQ”PTIE) scientists plan to present full results of this study at the 10th Annual International Conference on Clinical Trials on Alzheimer’s Disease (CTAD), in Boston, MA, on November 1-4th.
PTIE Stock Performance
Pain Therapeutics, Inc. (NASDAQ:PTIE) is a nano-cap company and has a market capitalization less than $30 million. The biotechnology company has been without sales for the last three years and, accordingly, has posted per share losses over that time period (-$1.92), (-$2.16), and for 2016 (-$2.26). On a positive note, the number of outstanding shares has not materially increased over the past five years so equity dilution has been of little concern.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $PTIE and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.