Key Developments: Pain Therapeutics Inc (PTIE.O)
17 Apr 2014
Latest Key Developments (Source: Significant Developments)
Pain Therapeutics Inc announced that a committee of its Board of Directors has declared a special one-time cash distribution of $0.75 per share to shareholders, or an aggregate of about $34 million. The Record Date for this distribution is December 17, 2012. The Company expects to complete the distribution on or around December 24, 2012. Full Article
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Pain Therapeutics Inc. The investigation focuses on whether certain executive officers and directors of PTIE breached their fiduciary duties by releasing false and misleading statements regarding its lead drug, REMOXY, and the likelihood that REMOXY would be approved by the Food and Drug Administration (FDA). REMOXY is marketed as a painkiller with a formulation designed to reduce potential risks of unintended use. Specifically, the investigation concerns possible breaches of fiduciary duties by the Company's executive officers and directors for failing to disclose that REMOXY was not approvable by the FDA due to chemistry, manufacturing and control deficiencies that caused inconsistent results during laboratory tests of REMOXY. Full Article
- Pfizer Inc said it has decided to develop the abuse-resistant painkiller made by its partner Pain Therapeutics Inc, six months after the pharmaceutical giant's comments raised fears it would drop the drug.