AUSTIN, Texas, May 3, 2012 (GLOBE NEWSWIRE) -- Pain Therapeutics Inc. (Nasdaq:PTIE) a biopharmaceutical company, today announced the issuance of four patents by the U.S. Patent and Trademark Office covering REMOXY® (oxycodone) Extended-Release Capsules CII. These patents are the result of joint inventive work by scientists from both Pain Therapeutics and Durect Corporation (Nasdaq:DRRX). The four issued patents are licensed exclusively to Pain Therapeutics in the United States and international markets with regards to four opioid drugs.
"We believe these four issued patents can provide additional intellectual property protection for REMOXY until 2025 or beyond," said Remi Barbier, President and CEO of Pain Therapeutics.
The four recently issued patents are U.S. Patents 8,133,507; 8,168,217; 8,153,152 and 8,147,870. In Europe, REMOXY is covered by two granted patents that expire in 2016 and 2023, respectively, plus any eligible patent term extensions.
In 2005, Pain Therapeutics granted King Pharmaceuticals, Inc., now owned by Pfizer, Inc., (NYSE:PFE) exclusive, worldwide rights to REMOXY and three other proprietary pain medications. Pfizer has full control of the development and funding of REMOXY.
Our lead drug candidate is called REMOXY (oxycodone) Extended-Release Capsules CII. REMOXY is an investigational drug with a unique, controlled release formulation of oxycodone for patients with moderate-to-severe chronic pain. REMOXY is designed to discourage common methods of tampering associated with prescription analgesic misuse and abuse.
About Pain Therapeutics, Inc.
Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel drugs. The U.S. Food and Drug Administration has not approved any of our drug candidates for commercial sale. For more information, please visit www.paintrials.com.
Note Regarding Forward-Looking Statements: This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Pain Therapeutics disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to, any statements relating to the benefits of the recently issued patents and their expected term. Such statements are based on management's current expectations, but actual results may differ materially due to various factors. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the uncertainty of patent protection for intellectual property with respect to our product candidates, including any difficulties in maintaining or defending issued patents. For further information regarding these and other risks related to the Company's business, investors should consult the Company's filings with the U.S. Securities and Exchange Commission.
Peter S. Roddy Vice President and Chief Financial Officer Pain Therapeutics, Inc. (512) 501-2450