Website: N/A
Stock Symbol: NASDAQ: PTIE
Market Value: N/A (in millions)
We are a biopharmaceutical company that develops novel drugs. We have four drug
candidates in clinical programs, including Remoxy, Oxytrex™, PTI-202 and a novel
radio-labeled monoclonal antibody to treat metastatic melanoma. We are also
working on a new treatment for patients with hemophilia. We were incorporated in
Delaware in May 1998.
We and King are engaged in a strategic alliance to develop and commercialize
Remoxy and other abuse-resistant opioid painkillers. King made an upfront cash
payment of $150.0 million to us at the closing of this strategic alliance in
December 2005 and paid us $5.0 million as a milestone payment in connection with
the acceptance by the FDA of an investigational new drug application, or IND,
for PTI-202. We could also receive from King an additional $145.0 million in
milestone payments in the course of clinical development of Remoxy, PTI-202 and
other abuse-resistant opioid painkillers under the strategic alliance.