incurred costs not yet reimbursed and approved expense reimbursements
related to the wind-down of the collaboration.
-- Advancement of a lead compound through the preclinical stages resulting
in the anticipated filing of an Investigational New Drug Application
for a synthetic compound that mimics natriuretic peptides for the
treatment of patients with congestive heart failure in the second half
of calendar year 2007.
-- The completion of an exploratory at-home Phase 2B clinical trial in
pre- and postmenopausal women. We are in the final stages of compiling
the data and anticipate releasing the results of this trial later this
LICENSE, GRANTS AND CONTRACTS
For the quarter ended June 30, 2007, Palatin recognized revenue under its collaboration agreement with King of $1.8 million, which includes King's share of bremelanotide development costs, and $0.7 million of contract revenue related to its February 2007 collaboration with AstraZeneca. In the comparable quarter of 2006, Palatin recognized $4.9 million of contract revenue from King, reflecting significantly higher cost reimbursement revenue resulting from Palatin's clinical study activities.
COSTS AND EXPENSES
Total operating expenses for the quarter ended June 30, 2007 were $9.1 million versus $13.2 million for the comparable quarter of 2006, reflecting lower development costs of bremelanotide following the completion of two Phase 2B clinical trials in patients with ED, which were partially offset by other research and development spending and higher stock-based compensation charges.
Palatin's cash, cash equivalents and investments totaled $33.8 million
as of June 30, 2007, compared to $30.7 million at June 30, 2006, as current
year operating expenses were largely offset by net proceeds from the
|SOURCE Palatin Technologies, Inc.|
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