Pain Reform Ltd. (NASDAQ: PRFX) shares needed waking up Tuesday, as the clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today provided a business update for its second quarter.
CEO Ilan Hadar stated, “We are pleased to report continued progress advancing PRF-110, our lead product, based on the local anesthetic ropivacaine, which 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.
“Importantly, the manufacturing tech transfer to our CMO, whom we engaged for manufacturing our clinical batches of PRF-110, was successful and we are in the process of manufacturing the clinical trial material.”
Research and development expenses were $1.4 million for the six months ended June 30, 2022 compared to $1.7 million for the six months ended June 30, 2021, a decrease of $0.3 million. The decrease was primarily due to a decrease in payment to subcontractors and clinical trials costs.
General and administrative expenses were $2.1 million for the six months ended June 30, 2022 compared to $2.0 million for the six months ended June 30, 2021. An increase in headcount related and regulation costs were offset with a decrease in insurance costs and certain professional services costs.
Financial expense, net was negligible for the six months ended June 30, 2022 compared to financial expenses, net of $43,000 for the six months ended June 30, 2021, a decrease of $43,000. The decrease was primarily due to changes in exchange rate costs.
As a result of the foregoing, the Company incurred a net loss of $3.5 million for the six months ended June 30, 2022 compared to a net loss of $3.7 million for the six months ended June 30, 2021, a decrease of $0.2 million.
PRFX shares closed Monday trading at 82 cents.
