Business
PainReform Provides Business Update for the First Quarter of 2022
Reports successful batch manufacturing of PRF-110 and continued progress towards commencing Phase 3 clinical trials in the second half of 2022 TEL AVIV,
About this update from Prf Technologies Ltd.
[{"type":"text","content":"Reports successful batch manufacturing of PRF-110 and continued progress towards commencing Phase 3 clinical trials in the second half of 2022\nTEL AVIV, Israel, May 17, 2022 (GLOBE NEWSWIRE) -- PainReform Ltd. (Nasdaq: PRFX) (\"PainReform\" or the \"Company\"), a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, yesterday provided a business update for the first quarter ended March 31, 2022. Ilan Hadar, Chief Executive Officer of Pain Reform, stated, “We are continuing our steady progress towards commencing the Phase 3 clinical trial of PRF-110 in bunionectomy expected in the second half of 2022. Having been approved for the 505(b)(2) pathway by the FDA, we expect this to be a rapid and cost-efficient trial. Importantly, the manufacturing tech transfer to our selected CMO, whom we engaged for manufacturing our clinical batches of PRF-110, is moving according to the plan, as all batches of PRF-110 manufactured to date are in-line with expectations. Assuming we proceed as planned, we expect to manufacture the clinical batch by mid-2022. “On the heels of the bunionectomy trial, we plan to commence our second Phase 3 trial for pain treatment in hernia. We believe our proprietary extended-release drug-delivery system has broad potential for a wide range of surgeries, as it is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration, while reducing the potential need for the use of opiates. “We have maintained a solid balance sheet and had $15.4 million of cash on hand and no debt as of March 31, 2022. As a result, we have more than sufficient capital to carry us through a number of key milestones, including the initiation of our first Phase 3 trial,” concluded Mr. Hadar. Financial Results for the First Quarter Ended March 31, 2022 Research and development expenses were $680,000 for the three months ended March 31, 2022 compared to $1,029,000 for the three months ended March 31, 2021, a decrease of $349,000. The decrease was primarily due to a decrease in payment to subcontractors and clinical trials costs. General and administrative expenses were $992,000 for the three months ended March 31, 2022 compared to $1,010,000 for the three months ended March 31, 2021, a decrease of $18,000. The decrease was primarily due a d...