CRANBURY, N.J., Sept. 14 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN) announced today results for its fourth quarter and fiscal year ended June 30, 2007. Palatin reported a net loss of $6.1 million, or ($0.07) per basic and diluted share, for the quarter ended June 30, 2007, compared to a net loss of $7.9 million, or ($0.11) per basic and diluted share, for the same period in 2006. Total revenues in the quarter ended June 30, 2007 were $2.6 million, compared to $5.0 million for the same period in 2006. As of June 30, 2007, the Company had cash, cash equivalents and investments totaling $33.8 million.
The decrease in the net loss for the quarter ended June 30, 2007 versus the quarter ended June 30, 2006 was primarily attributable to decreased research and development spending on bremelanotide, the Company's drug under development for the treatment of erectile dysfunction (ED) and female sexual dysfunction (FSD). Cost reimbursement revenue from King Pharmaceuticals, Inc. (King) also decreased as a result of the lower spending.
For the years ended June 30, 2007 and 2006, total revenues were $14.4 million and $19.7 million, respectively. Palatin's net loss for the year ended June 30, 2007 was $27.8 million, or ($0.36) per basic and diluted share, compared to a net loss of $29.0 million, or ($0.48) per basic and diluted share, for the year ended June 30, 2006.
FISCAL YEAR 2007 AND RECENT DEVELOPMENTS
Significant developments in Palatin's business since June 30, 2006 include the following:
-- The announcement of results of Part 2 of a Phase 2A pilot study
evaluating the effects of bremelanotide in post-menopausal women
diagnosed with FSD in which subjects re
|SOURCE Palatin Technologies, Inc.|
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