How Did The PainReform (PRFX) Stock Rise 9% In After-Hour Trades?

Shares of PainReform Ltd. (NASDAQ: PRFX), which will conduct its annual general meeting (AGM) this month, increased 9.45% to $0.58 in Friday’s after-hours trading. The firm also released a business update.

When is the PRFX’s AGM?

The annual general meeting of shareholders for PainReform (PRFX) is scheduled for December 29, 2022, at 11:00. (Israel time). The AGM will take place at the law firm of Doron Tikotzky Kantor Gutman Nass & Amit Gross, representing PainReform, located at 7 Metsada St., B.S.R Tower 4, 33 Floor, Bnei Brak, Israel.

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PRFX provides an update on business

In a recent business update for the third quarter ending September 30, 2022, PRFX also stated that it was making significant progress toward starting the Phase 3 U.S. clinical study of PRF-110 for postoperative pain management after bunionectomy surgery. To achieve this, PRFX improved the production process in conjunction with its CMO in the U.S.A.

The clinical trial’s launch was delayed by a demand for more work that PainReform ran into. PRFX thinks the problem was being fixed, and it anticipated that the measures it was taking would ultimately enhance both the product’s quality and its ability to be manufactured. PRFX promised to give updated information on the manufacturing procedure and the schedule for starting the Phase 3 trial.

Given the encouraging outcomes of its earlier Phase 2 data proof-of-concept clinical research, PRFX is eager to move forward with this endeavor to offer patients localized postoperative pain treatment. PRF-110 has a lot of potentials and will eventually help to lower the frequency of opiate usage after surgical operations, which will ultimately reduce the danger of opiate misuse disorder and save lives.

How will PRFX develop going forward?

With about $12.9 million in cash and cash equivalents at the conclusion of the quarter and no debt, PainReform (PRFX) has enough breathing room to carry out a number of significant impending milestones. PRFX intends to start its second Phase 3 study for pain management during hernia repair surgery soon after the bunionectomy trial. PRFX thinks PRF-110 will address a significant unmet need in the multi-billion dollar market for postoperative pain therapy, assuming its Phase 3 clinical studies are successful.

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