Business
PainReform Provides Business Update for the Third Quarter of 2023
Reports enrollment of first patients for the second part of Phase 3 clinical trial in bunionectomy TEL AVIV, Israel, Nov. 15, 2023 (GLOBE NEWSWIRE) --
About this update from Prf Technologies Ltd.
[{"type":"text","content":"Reports enrollment of first patients for the second part of Phase 3 clinical trial in bunionectomy\nTEL AVIV, Israel, Nov. 15, 2023 (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 third quarter ended September 30, 2023. Ilan Hadar, Chief Executive Officer of PainReform, stated, \"We are pleased to report a number of recent milestones that have helped advance the clinical development of PRF-110, our lead drug candidate, targeting the post-operative extended pain relief market. Following success in the first part of our Phase 3 clinical trial of PRF-110, we initiated the second, larger part of the Phase 3 trial in bunionectomy. The first patients have now been enrolled in the second part of this trial, with Evolution Research Group (ERG) serving as our contract research organization (CRO). We look forward to continued enrollment of this trial, which will include up to 400 patients in the double-blind study at multiple clinical sites in the U.S., measuring pain reduction by PRF-110 over 72 hours compared with placebo and Naropin® (ropivacaine). Given the positive PK data in the first part of our Phase 3 trial and the favorable results of our prior Phase 2 data proof-of-concept clinical study, we are excited to take the next step on this journey to help address the nationwide opioid epidemic.\" Financial Results for Nine Months Ended September 30, 2023 Research and development expenses were $3.3 million for the nine months ended September 30, 2023, compared to $2.5 million for the nine months ended September 30, 2022. The increase was primarily due to an increase in payments for clinical trial costs and manufacturing costs that were offset by a decrease in consultant expenses General and administrative expenses were $2.7 million for the nine months ended September 30, 2023, compared to $3.1 million for the nine months ended September 30, 2022. The decrease was mainly in insurance costs and certain professional services costs. Financial income, net, was $1.6 million for the nine months ended September 30, 2023, compared to financial expense, net, of $13,000 for the nine months ended September 30, 2022. The increase in financial income was primarily...