CRANBURY, N.J., Sept. 8, /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today announced results for its fourth quarter and fiscal year ended June 30, 2009. For the year ended June 30, 2009, total revenues were $11.4 million, compared to $11.5 million for year ended June 30, 2008. Palatin's net loss for the year ended June 30, 2009 was $4.8 million, or $(0.06) per basic and diluted share, compared to a net loss of $14.4 million, or $(0.17) per basic and diluted share, for the year ended June 30, 2008.
Palatin reported a net loss of $0.2 million, or $(0.00) per basic and diluted share, for the quarter ended June 30, 2009, compared to a net loss of $5.2 million, or $(0.06) per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended June 30, 2009 were $4.2 million, compared to $1.0 million for the same period in 2008.
The decreases in net loss for the year and quarter ended June 30, 2009, versus the year and quarter ended June 30, 2008, were primarily due to a net decrease in operating expenses resulting from strategic restructuring and refocusing of Palatin's clinical-stage development programs and, for the quarter ended June 30, 2009, an increase in revenue earned under Palatin's license and clinical trial collaboration agreements with AstraZeneca AB (AstraZeneca).
FISCAL YEAR 2009 HIGHLIGHTS
Significant developments in Palatin's business since June 30, 2008, include the following:
For the quarter ended June 30, 2009, Palatin recognized $4.2 million of revenue under its agreements with AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.8 million of revenue from AstraZeneca. Revenue for the year ended June 30, 2009 was $11.4 million, compared to $11.5 million for the prior year.
COSTS AND EXPENSES
Total operating expenses for the quarter ended June 30, 2009 were $4.5 million compared to $6.4 million for the comparable quarter of 2008. For the year ended June 30, 2009, total operating expenses were $18.7 million, compared to $28.1 million for the prior year. The net decreases in operating expenses for the quarter and year just ended were primarily due to strategic restructuring and refocusing of Palatin's clinical-stage development programs, partially offset by increases for clinical costs associated with Palatin's agreements with AstraZeneca.
Palatin's cash, cash equivalents and investments totaled $7.8 million as of June 30, 2009, compared to $12.8 million at June 30, 2008. Subsequent to the fiscal year end, Palatin received $2.8 million in net proceeds from the August 2009 offering.
Conference Call / Webcast
Palatin will host a conference call and webcast on September 8, 2009 at 11:00 a.m. Eastern Time to discuss its fourth quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 800-776-0816 (domestic) or 913-312-0854 (international), passcode 1405577. The webcast and replay can be accessed by logging on to the "Investor/Media Center-Webcasts" section of Palatin's website at http://www.palatin.com. A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or 719-457-0820 (international), passcode 1405577. The webcast and telephone replay will be available through September 15, 2009.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies' website athttp://www.palatin.com.
Statements about future expectations of Palatin Technologies, Inc., including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Palatin's actual results may differ materially from those discussed in the forward-looking statements for various reasons, including, but not limited to Palatin's ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to protect its intellectual property, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.
PALATIN TECHNOLOGIES, INC. Consolidated Statement of Operations Data (unaudited) Year Ended June 30, Quarter Ended June 30, 2009 2008 2009 2008 REVENUES $11,351,774 $11,483,287 $4,227,070 $1,015,764 OPERATING EXPENSES: Research and development 13,356,751 21,187,762 3,045,423 4,891,494 General and administrative 5,296,859 6,928,295 1,415,171 1,460,066 Total operating expenses 18,653,610 28,116,057 4,460,594 6,351,560 Loss from operations (7,301,836) (16,632,770) (233,524) (5,335,796) OTHER INCOME (EXPENSE): Investment income 233,319 1,030,452 38,137 122,162 Interest expense (26,159) (73,495) (5,143) (28,661) Gain on sale of property and equipment 550,968 - - - Total other income, net 758,128 956,957 32,994 93,501 Loss before income taxes (6,543,708) (15,675,813) (200,530) (5,242,295) Income tax benefit 1,741,476 1,291,444 - - NET LOSS $(4,802,232) $(14,384,369) $(200,530) $(5,242,295) Basic and diluted net loss per common share $(0.06) $(0.17) $(0.00) $(0.06) Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share 86,370,306 85,220,575 86,662,901 85,297,321
PALATIN TECHNOLOGIES, INC. Consolidated Balance Sheet Data (unaudited) June 30, 2009 June 30, 2008 ASSETS Current assets: Cash and cash equivalents $4,378,662 $9,421,770 Available-for-sale investments 3,439,650 3,352,771 Accounts receivable 508,528 5,747 Prepaid expenses and other current assets 492,824 484,362 Total current assets 8,819,664 13,264,650 Property and equipment, net 3,650,783 5,128,076 Restricted cash 475,000 475,000 Other assets 254,364 257,198 Total assets $13,199,811 $19,124,924 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Capital lease obligations, current portion $87,675 $263,128 Accounts payable 206,363 635,183 Accrued expenses 1,420,741 1,666,628 Accrued compensation - 767,509 Deferred revenue, current portion 2,650,002 1,666,669 Total current liabilities 4,364,781 4,999,117 Capital lease obligations, net of current portion 33,954 121,629 Deferred rent, net of current portion 1,182,026 1,479,794 Deferred revenue, net of current portion 4,305,551 5,972,220 Total liabilities 9,886,312 12,572,760 Stockholders' equity: Preferred stock of $0.01 par value - authorized 10,000,000 shares; Series A Convertible; issued and outstanding 4,997 shares as of June 30, 2009 and 2008, respectively 50 50 Common stock of $0.01 par value - authorized 150,000,000 shares; issued and outstanding 86,662,901 and 85,524,077 shares as of June 30, 2009 and 2008, respectively 866,629 855,241 Additional paid-in capital 209,712,379 208,247,194 Accumulated other comprehensive income 116,111 29,117 Accumulated deficit (207,381,670) (202,579,438) Total stockholders' equity 3,313,499 6,552,164 Total liabilities and stockholders' equity $13,199,811 $19,124,924
|SOURCE Palatin Technologies, Inc.|
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