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Palatin Technologies, Inc. Reports Third Quarter Fiscal Year 2011 Results
Date:5/16/2011

CRANBURY, N.J., May 16, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN), a biopharmaceutical company developing bremelanotide for sexual dysfunction indications and PL-3994 for acute asthma and other indications, today announced results for its third quarter ended March 31, 2011.

Recent Highlights

  • Following a meeting with the U.S. Food and Drug Administration (FDA), Palatin submitted a revised protocol to the FDA for initiation of an at-home Phase 2 clinical trial of subcutaneously administered bremelanotide for women with female sexual dysfunction (FSD). This Phase 2 trial for women with FSD is scheduled to start in the second quarter of calendar 2011.
  • Palatin has started discussions with a number of potential development and marketing partners for PL-3994 for acute asthma, which would include the proof-of-concept human trial for asthma using a subcutaneously administered formulation and development of an inhalation formulation.
  • Collaboration compounds licensed pursuant to Palatin's research collaboration and license agreement with AstraZeneca for treatment of obesity, diabetes and related metabolic syndrome have advanced to the clinical stage.
  • In March 2011 Palatin closed on an underwritten public offering resulting in net proceeds of $21.1 million, which should be sufficient to fund projected operations through calendar year 2012.

  • Third Quarter Fiscal 2011 Financial ResultsPalatin reported a net loss of $3.8 million, or $(0.17) per basic and diluted share, for the quarter ended March 31, 2011, compared to a net loss of $2.0 million, or $(0.20) per basic and diluted share for the same period in 2010.  

    The increase in net loss for the quarter ended March 31, 2011, compared to the net loss for the same period last fiscal year, was primarily attributable to a decrease in revenue recognized und
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    SOURCE Palatin Technologies, Inc.
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