PainReform cut to Hold at Maxim amid ‘changed’ market dynamics

As previously reported, Maxim analyst Naz Rahman downgraded PainReform (PRFX) to Hold from Buy. The company is developing PRF-110 to treat post-operative pain and compete in the market with Exparel and Zynrelef, but market dynamics have recently changed, with a generic for Exparel – the market leader – having been approved in July 2024 and impacting the market opportunity for PainReform and its operational ramifications, the analyst tells investors in a research note. Maxim adds that PainReform is on pace to complete its Phase 3 bunionectomy study in Q4, noting however that the company still needs to complete a soft tissue study and potentially a third study for the safety database, and the firm believes that additional capital will likely be required to complete these studies.