Business
PainReform Provides Business Update for the Second Quarter of 2021
Shifting manufacturing and scale up operation to U.S.-based Contract Development and Manufacturing Organization for PRF-110 TEL AVIV, Israel, Aug. 16, 2021
About this update from Prf Technologies Ltd.
[{"type":"text","content":"Shifting manufacturing and scale up operation to U.S.-based Contract Development and Manufacturing Organization for PRF-110\nTEL AVIV, Israel, Aug. 16, 2021 (GLOBE NEWSWIRE) -- PainReform Ltd. (Nasdaq: PRFX) (\"PainReform\" or the \"Company\"), a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today provided a business update for the second quarter ended June 30, 2021. \"We are continuing the steady progress towards commencement of our Phase 3 clinical trials of PRF-110,” commented, Ilan Hadar, Chief Executive Officer. “Importantly, responding to our manufacturing delay, we are shifting manufacturing and scale up operations of PRF-110 to North America to better suit our needs and enhance manufacturing quality and efficiency. We now expect to commence our first clinical trial in bunionectomy by the end of the first quarter of 2022.” “We have maintained a solid balance sheet with $17.8 million of cash on hand at the end of the second quarter. In addition, subsequent to the balance sheet date, an additional $1.9 million was received from the exercise of warrants increasing our cash reserves to over $19 million at the time of this announcement.” Financial Results for the Second Quarter Ended June 30, 2021 Research and development expenses were $1.7 million for the six months ended June 30, 2021 compared to $65,000 for the six months ended June 30, 2020, an increase of $1.6 million. The increase was primarily due to an increase in CMC activities and preparation for the initiation of clinical trials. General and administrative expenses were $2.0 million for the six months ended June 30, 2021 compared to $215,000 for the six months ended June 30, 2020, an increase of $1.8 million. The increase was primarily due to costs related with us becoming a publicly traded company commencing September 2020, an increase in headcount related costs and an increase in certain professional services costs. Financial expense, net was $43,000 for the six months ended June 30, 2021 compared to financial expense, net of $1.7 million for the six months ended June 30, 2020, a decrease of $1.6 million. The decrease was primarily due to a decrease in change in fair value of derivative warrant liability, and interest expense and amortization of discount on convertible notes. As a result of the foregoing,...