SOUTH SAN FRANCISCO, Calif., July 26 /PRNewswire-FirstCall/ -- Pain Therapeutics, Inc. , a biopharmaceutical company, testified today in Washington, D.C. before a congressional panel convened to examine ways to more effectively address the nation’s problem of prescription drug abuse. Pain Therapeutics was invited to discuss its progress in developing pioneering drugs that reduce the potential for abuse. Congressional lawmakers also heard testimony from top officials of Drug Enforcement Administration (DEA), Food and Drug Administration (FDA), National Institute on Drug Abuse (NIDA) and the White House Office of National Drug Control Policy.
The congressional panel, entitled, “Prescription Drug Abuse: What Is Being Done To Address This Epidemic?” was heard by Chairman Mark E. Souder (R-IN) and other Members of the Subcommittee on Criminal Justice, Drug Policy and Human Resources of the House Committee on Government Reform.
“We commend the Subcommittee for calling attention to prescription drug abuse and the progress being made against this drug epidemic,” said Remi Barbier, president and chief executive officer of Pain Therapeutics. “We are committed to continuing to work with Congressional leaders and other top government officials to promote novel solutions to this serious problem. We think abuse-resistant drugs may represent a new and efficient means of addressing the problem of prescription drug abuse, without unduly restricting appropriate access to pain medications for patients who legitimately need pain relief.”
About Pain Therapeutics, Inc.
Pain Therapeutics is a biopharmaceutical company that develops novel drugs. We have two investigational drug candidates, Remoxy(TM) and Oxytrex(TM), in Phase III clinical programs. Both drugs target different segments of the multi-billion dollar market to treat severe chronic pain, such as persistent low-back pain or pain due to advanced stages of osteoarthritis.
For more information, please consult our website: www.paintrials.com
About Pain Management and Oxycodone Abuse
Over 50 million people are affected by severe chronic pain in the United States. Due to the aging population, better physician training in pain management and other factors, opioid sales are rising and are expected to exceed $7 billion in 2009 according to Frost and Sullivan.
Oxycodone is a leading opioid used in the treatment of moderate-to-severe pain, with U.S. sales of nearly $2 billion for the 12-months ending August 2005, according to IMS Health data. Oxycodone is also the active drug ingredient in Remoxy(TM) and in the branded product Oxycontin(R). Drug abusers can easily extract oxycodone from Oxycontin(R) tablets in order to induce a quick and powerful euphoric high. Oxycodone abusers risk respiratory depression, which can be fatal, and opioid addiction. The DEA recorded theft of nearly 1.4 million dosage units of Oxycontin(R) between January 2000 and June 2003. Moreover, 25% of the Schedule II investigations conducted by the DEA between Fiscal Years 2001 and 2003 involved Oxycontin(R). According to government data, oxycodone abuse resulted in over 20,000 visits to emergency rooms and hundreds of deaths in 2002. Please visit the U.S. Drug Enforcement Administration’s website (http://www.usdoj.gov/dea ) for more information.
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 timing, scope or expected outcome of the Company’s clinical development of Remoxy or its regulatory approval, the potential benefits of Remoxy and the Company’s drug candidates and the size of the potential market for the Company’s products, including Remoxy. 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 difficulties or delays in development, testing, regulatory approval, production and marketing of the Company’s drug candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug candidates that could slow or prevent product approval or market acceptance (including the risk that current and past results of clinical trials are not necessarily indicative of future results of clinical trials), the uncertainty of patent protection for the Company’s intellectual property or trade secrets, the Company’s ability to obtain additional financing if necessary and unanticipated research and development and other costs. For further information regarding these and other risks related to Pain Therapeutics’ business, investors should consult the Company’s filings with the Securities and Exchange Commission.
Pain Therapeutics
CONTACT: Peter S. Roddy, Vice President & Chief Financial Officer of PainTherapeutics, Inc., +1-650-825-3330; or Carney Duntsch of Burns McClellan,+1-212-213-0006, for Pain Therapeutics, Inc.
Web site: http://www.paintrials.com/
