Pain Therapeutics, Inc. (NASDAQ:PTIE) is a mover and shaker out on the Street today, with investors sparking the stock on an almost 60% upturn. Why such a bullish parade? A Phase 1 clinical trial of PTIE’s new investigational drug, PTI-125, showed that it was safe and well-tolerated in healthy volunteers, paving the way for a Phase 2 trial in adults with Alzheimer’s Disease.
CEO Remi Barbier commented, “The clinical data are encouraging […] Given the absence of dose-limiting effects in healthy adults, an excellent non-clinical safety database, a strong scientific rationale, and multiple peer-reviewed publications and research grant awards, we are eager to move this drug program to the next level of development.”
In September, the company announced it has been awarded an approximately $1.8 million research grant from the National Institutes of Health (NIH). This grant will support innovative technology developed by the Company to diagnose Alzheimer’s disease with a simple blood test.
“Finding a way to diagnose disease at an early-stage is vitally important,” said Barbier. “A blood test may help detect Alzheimer’s disease before symptoms occur, or rule out other possible causes of memory problems, or might be used as a biomarker to measure the efficacy of drug candidates during clinical trials.”
The NIH’s National Institute on Aging awarded this research grant to Pain Therapeutics following a competitive, in-depth evaluation of its technology for scientific and technical merit.
The research grant is a technical-milestone based award that will enable Pain Therapeutics to work collaboratively with leaders in the field to develop a blood-based diagnostic for Alzheimer’s. The diagnostic technology is related to PTI-125, Pain Therapeutics’ clinical-stage drug candidate for Alzheimer’s disease, whose underlying science has been published in Journal of Neuroscience, Neurobiology of Aging, Journal of Biological Chemistry, PLOS-One and other peer-reviewed scientific journals.
Pain Therapeutics is a biopharmaceutical company, which engages in the development of novel drugs. Its drug candidate includes REMOXY, which is a strong painkiller with a unique formulation designed to reduce potential risks of unintended use.