Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2013 Results; Teleconference and Webcast to be held on Novembe... (in the number of Satisfying Sexual Event...)

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Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2013 Results; Teleconference and Webcast to be held on November 14, 2012

Date:11/14/2012

in the number of Satisfying Sexual Events (SSEs) and also showed clinically meaningful and statistically significant improved measures of overall sexual functioning and distress related to sexual dysfunction, compared to placebo. Bremelanotide was well-tolerated during the trial. The most common types of treatment-emergent adverse events reported more frequently in the bremelanotide arms were facial flushing, nausea and emesis, which were mainly mild-to-moderate in severity. Adverse events that most commonly led to discontinuation were nausea and emesis. No serious adverse events were attributable to bremelanotide during the trial. Based on the results of discussions with the U.S. Food and Drug Administration (FDA) and external advisors regarding the results of this trial and further development steps, Phase 3 activities are anticipated to start in the second-half of calendar year 2013.

First Quarter Fiscal 2013 Financial Results
Palatin reported a net loss of $10.5 million, or $(0.15) per basic and diluted share, for the quarter ended September 30, 2012, compared to a net loss of $3.4 million, or $(0.10) per basic and diluted share, for the same period in 2011.

The increase in net loss for the quarter ended September 30, 2012, compared to the same period last fiscal year, was mainly attributable to a non-cash, non-operating expense of $7.1 million, which represented the increase in fair value of the warrants, which were previously liability classified until our increase in our authorized shares.Costs and Expenses
Total operating expenses were $3.4 million for the quarter ended September 30, 2012 and September 30, 2011. Operating expenses consist of $1.1 million of general and administrative expenses and $2.3 million of research and development for the quarter ended September 30, 2012 and 2011. General and administrative expenses consist mainly of compensation and related costs and research and developme
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