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| Pain Therapeutics Inc. |
| 250 East Grand Avenue, Suite 70, South San Francisco, CA 94080 * (650) 624-8200 |
| Business Description | The company is developing a new generation of opioid painkillers. Opioids are drugs derived from the poppy plant. We use our proprietary technology, to reformulate opioid drugs, such as morphine, into branded painkillers with improved clinical benefits. We currently have four opioid painkillers in Phase II clinical trials. We believe our drugs offer enhanced pain relief, fewer adverse side effects and attenuated tolerance and addiction compared to existing opioid painkillers. |
| Offering Information Company has | |||
| Trading As | PTIE (NASNTL) | Industry | Service (SIC 7841) |
| Type of Stock Offered | Common Shares | Filing Date | 3/13/2000 |
| Domestic Shares Offered | 5,000,000 | Offer Date | 7/13/2000 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $13.00 |
| Company Shares | 5,000,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $60,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 25,827,142 | Employees | 12 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Robertson, Stephens & Company | Lead Manager | (415) 989-8500 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Lazard Freres & Co. | Co-manager | (212) 632-6717 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | 12/31/1999 | 3/31/1999 | 3/31/2000 | |||
| Revenues | - | - | - | 0.000 | 0.000 | 0.000 | 0.000 |
| Income from Oper. | - | - | - | -0.422 | -4.659 | -0.118 | -6.053 |
| Net Income | - | - | - | -0.389 | -4.500 | -0.091 | -5.808 |
| E.P.S | - | - | - | -0.060 | -0.480 | -0.010 | -2.100 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -2.69 | -0.20 | -1.81 | ||||
| Cash Flow - Inv. | -0.04 | - | -0.08 | ||||
| Cash Flow - Fin. | 9.74 | 0.04 | 14.74 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/2000 | Financial Ratios | ||||
| Total Assets | 22.86 | Current Assets | 22.28 | Current Ratio | - |
| Total Liab. | 24.42 | Current Liab. | - | Debt Ratio | 106.82% |
| Total Equity | -1.56 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | 22.18 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and general corporate purposes including the continued development of existing product candidates, clinical research and development formulation and manufacturing and commercialization activities. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | O'Melveny & Meyers |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Blue Ridge Limited Partnership | 8.20 | |
| TVM-Techno Venture Management III GmbH | 7.90 | |
| GMS Capital Partners, L.P. | 5.50 | |
| Note: represents ownership of 5% or more prior to the offering. | ||