The stocks of PainReform Ltd. (NASDAQ: PRFX) displayed a bullish trajectory on the charts within the United States during the recent weekend session. PRFX stocks surged by 24.70%, concluding the session at $2.31. This notable ascent in PRFX stock value followed the release of a comprehensive business update.
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PainReform (PRFX) presented an extensive business update covering the period ending December 31, 2023. PRFX communicated substantial advancements made during the past year, particularly in the progression of PRF-110, its primary pharmaceutical candidate aimed at providing extended pain relief post-surgery, thereby mitigating the potential necessity for opiate utilization.
Building upon the achievements witnessed in the initial phase of our Phase 3 clinical trial of PRF-110, we are steadily advancing with our enrollment process. PainReform has successfully enrolled over 140 patients in the trial, surpassing its initial target, with the aim of reaching up to 400 patients across six clinical sites within the United States.
Consequently, PRFX remains steadfast in its commitment to unveiling topline data around mid-2024. Furthermore, the favorable outcomes obtained from recent in vitro examinations further underscored the superior formulation characteristics of PRF-110 compared to industry benchmarks, particularly in terms of surface-tissue spreading.
PainReform expresses strong optimism regarding the prospects of PRF-110 and its ongoing clinical trials, fueled by the favorable pharmacokinetic data observed in the initial phase of the Phase 3 trial, as well as previous Phase 2 findings in hernia repair, affirming the safety and efficacy of the product as a viable alternative to systemic opioids.
Consequently, PRFX is confident in PRF-110’s potential to emerge as the standard-of-care within the $12 billion post-operative pain treatment market. In tandem with the business update, PainReform disclosed its financial performance, revealing that research and development expenses surged by $1.6 million for the year concluding on December 31, 2023, compared to the previous year.
The increase in clinical trial and manufacturing expenses primarily offset a decrease in expenditures associated with subcontractors and consultants. As a result, net losses increased to approximately $9.3 million for the reported quarter, compared to approximately $8.8 million for the fiscal year ended December 31, 2022. Cash and cash equivalents amounted to approximately $8.0 million at the end of quarter, with a positive working capital balance of around $7.4 million.
