Business
PainReform Provides Year-End Business Update; on Track to Commence Phase 3 Trial of PRF-110 for Non-Opiate Post-Operative Pain Relief in the Second Half of 2022
TEL AVIV, Israel, March 17, 2022 (GLOBE NEWSWIRE) -- PainReform Ltd. (Nasdaq: PRFX) ("PainReform" or the "Company"), a clinical-stage specialty pharmaceutical
About this update from Prf Technologies Ltd.
[{"type":"text","content":"TEL AVIV, Israel, March 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, today provided a business update for the year ended December 31, 2021. Ilan Hadar, Chief Executive Officer, stated, “We remain on track to commence our Phase 3 clinical trial of PRF-110 in bunionectomy in the second half of 2022. Specifically, we are advancing the manufacturing of PRF-110 clinical batches with our partner Pharmaceutics International, Inc. (PII), a U.S.-based contract manufacturing organization (CMO). After completion of the first trial, we plan to initiate the Phase 3 hernia repair clinical trial based on a similar study design to the prior Phase 2 trial. According to Persistance Market Research, the post-operative pain management market was valued at over $35 billion in 2021, of which, opioids accounted for two-thirds of this market. We believe PRF-110 has the potential to address the significant unmet need for a long-acting local anesthetic agent to spare opioid use and reduce hospital length of stay due to complications.” “At the end of 2021, we had $16.6 million of cash on hand and positive working capital of approximately $18.3 million. We have maintained a healthy balance sheet without any debt. I am excited about the outlook for 2022 and look forward to a number of key upcoming catalysts that we believe will further enhance shareholder value, including the start of enrolment and dosing of the first patients. Given that the patient monitoring period is only 72 hours in the trial, I expect this to be a rapid and cost-efficient trial,” concluded Mr. Hadar. Financial Results Research and development expenses were $2.9 million for the year ended December 31, 2021, compared to $0.4 million for the year ended December 31, 2020. The increase was primarily due to preparation for the initiation of clinical trials. General and administrative expenses were $4.3 million for the year ended December 31, 2021, compared to $1.3 million for the year ended December 31, 2020. The increase was primarily due to an increase in headcount related expenses, as well as an increase in professional services, payroll and related expenses, and insurance related expenses. Financial expense were $32,000 for the y...