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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2009 Results; Teleconference and Webcast to be held on September 8, 2009
Date:9/8/2009

pressure was seen in subjects receiving bremelanotide compared to placebo.
  • Scheduled a meeting with the Food and Drug Administration to discuss initiation of a Phase 2B clinical trial of subcutaneously administered bremelanotide in erectile dysfunction patients non-responsive to phosphodiesterase-5 inhibitors, the current standard therapy for erectile dysfunction.
  • Reported on two human clinical trials of PL-3994, Palatin's drug under development for the treatment of heart failure. A Phase 1 study in healthy volunteers was presented at the Heart Failure Society of America Meeting in Toronto in September 2008 and a Phase 2A study in patients with controlled hypertension will be presented at the September 2009 Heart Failure Society of America Meeting.
  • Conducted a proof-of-principle clinical study on the effects of a melanocortin receptor-specific compound on food intake, obesity and other metabolic parameters pursuant to a clinical trial sponsored research agreement with AstraZeneca.
    • Amended and extended agreements with AstraZeneca, including entering into a clinical trial sponsored research agreement. In addition to reimbursement of Palatin's activities at an agreed full-time equivalent rate, during the fiscal year ended June 30, 2009 Palatin received payments of $6.6 million from AstraZeneca, $5.7 million of which was recognized as revenue during the fiscal year.

    • Raised approximately $2.8 million in net proceeds of a registered direct offering, after deducting placement agent fees and other offering expenses, in August 2009, subsequent to fiscal year end.

    REVENUE

    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 mill
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