Pain Therapeutics, Inc. (NASDAQ: PTIE) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has been awarded a key grant which will help to fund further development of a lead pipeline drug. Of course, this led to excitement among investors, sending the stock toward the top. As is almost always the case, our friends at Trade Ideas were the first to alert us to the gains. At the moment (8:52), PTIE is trading at $4.34 per share after a gain of $0.45 per share or 11.57% thus far today.
PTIE Gains On Grant
As mentioned above, Pain Therapeutics is having an incredibly strong start to the trading session this morning after the company announced that it has been awarded a grant. The grant, designed to help fund further research and development was provided by the National Institute on Drug Abuse, or NIDA.
Through the grant, PTIE will receive approximately $2.2 million in funds which will help further the development of FENROCKTM, which is a treatment candidate for severe pain. The treatment is a transdermal patch that delivers fentanyl to manage pain. However, the treatment also includes novel abuse-deterrent technology.
The grant provided by NIDA is based on technical-milestones and will help PTIE immediately move forward with the continued development of FENROCK. The grant was the result of an in-depth evaluation of the company’s technology for both scientific and technical merit.
In a statement, Remi Barbier, President and CEO at Pain Therapeutics, had the following to offer:
“We are grateful for NIDA’s scientific and financial support for FENROCK… This grant underscores the urgent need to better address the abuse potential of currently marketed fentanyl patches.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTIE. In particular, we’ll continue to watch the company’s work with regard to the development of FENROCK as well as other key pipeline drugs. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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