PainReform reports 1H net loss $12.8M vs. $4.5M last year

Financial income, net was $92,000 for the six months ended June 30, 2024, compared to $179,000 financial income, net for the six months ended June 30, 2023. The decrease was primarily due to a decrease in bank deposits. Ehud Geller, Chairman and interim CEO, stated, “We are pleased to report a number of recent milestones that have helped advance the clinical development of PRF-110, our lead drug candidate, targeting the post-operative extended pain relief market. Importantly, we successfully completed the second part of our Phase 3 clinical trial of PRF-110 in bunionectomy. In total, 443 patients were enrolled in the study at eight clinical sites across the U.S. We look forward to the top-line results from our Phase 3 trial in late 2024. We recently reported favorable wound healing data from our human clinical trial that supports the potential of PRF-110 not only to provide effective pain relief but also to enable normal wound healing. In addition, results from recent PK studies demonstrate that the product remains well within safe limits, underscoring its potential to improve overall patient outcomes across a wide range of surgical procedures requiring higher doses, beyond just herniorrhaphy and bunionectomy. Building upon our promising pre-clinical and clinical data, we filed a patent covering our new highly scalable manufacturing process for PRF-110, following the successful completion and testing of our new process, which we believe will enhance manufacturing efficiency and reduce costs. This new process achieved full product stability for 18 months at room temperature, a critical milestone as it significantly eases handling and transportation while reducing associated costs. We believe that this new process has the potential to significantly enhance our future commercialization efforts.” “Lastly, we remain committed to advancing our technology platform. Specifically, we successfully developed and manufactured new patented formulations of PRF-110 in combination with anti-inflammatory agents to further enhance outcomes in postoperative pain management. This combination not only provides a quicker onset of pain relief but also reduces the reliance on opioids post-operatively. Overall, we remain highly optimistic about the outlook for the business as we seek to provide an alternative to systemic opioids and set a new standard of care in postoperative pain management”