TEL AVIV - PainReform Ltd. (NASDAQ: PRFX), a specialty pharmaceutical company, continues to make strides in its Phase 3 clinical trial for PRF-110, aimed at post-operative pain relief. The company has enrolled over 140 patients in the trial, with a target of up to 400 participants across six U.S. sites. This progress keeps the company on track to release top-line data by mid-2024.
PRF-110, PainReform's lead drug candidate, is an extended-release formulation of the local anesthetic ropivacaine. It is designed to be administered directly into the surgical wound bed, potentially reducing the need for systemic opioids post-surgery.
The company has reported positive in vitro test results, demonstrating the drug's superior formulation properties in terms of tissue spreading when compared to the industry leader.
The company's financial results for the year ending December 31, 2023, show research and development expenses at approximately $6.0 million, up from $4.4 million the previous year, attributed mainly to clinical trial and manufacturing costs.
General and administrative expenses decreased to about $3.6 million from $4.4 million, primarily due to lower insurance and professional services costs. PainReform reported a net loss of approximately $9.3 million for the year, a slight increase from the $8.8 million loss in the prior year. As of year-end, the company had cash and cash equivalents totaling around $8.0 million.
PainReform's CEO, Ilan Hadar, expressed confidence in PRF-110's potential within the $12 billion post-operative pain treatment market, citing positive pharmacokinetic data from earlier trial phases and safety and efficacy results from a Phase 2 hernia repair study.
This update is based on a press release statement from PainReform Ltd., which is available on the company's investor relations website and has also been filed with the U.S. Securities and Exchange Commission.
The company emphasizes that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. PainReform's future activities and results may differ materially from what is currently anticipated due to various factors, including the need for additional capital and the competitive and regulatory environment.
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