CRANBURY, N.J., May 15 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) announced today results for its third quarter ended March 31, 2009. Palatin reported net income of $0.1 million, or $0.00 per basic and diluted share, for the quarter ended March 31, 2009, compared to a net loss of $5.1 million, or $0.06 per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended March 31, 2009 were $5.2 million, compared to $0.7 million for the same period in 2008.
The net income for the quarter ended March 31, 2009 versus the net loss for the quarter ended March 31, 2008 was primarily attributable to revenue related to our license and clinical trial collaboration agreements with AstraZeneca AB (NYSE: AZN).
As of March 31, 2009, Palatin had cash, cash equivalents and available-for-sale investments totaling $11.0 million, compared to $12.8 million at June 30, 2008.
For the quarter ended March 31, 2009, Palatin recognized $5.2 million of revenue under its collaboration agreements with AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.7 million of from AstraZeneca.
COSTS AND EXPENSES
Total operating expenses for the quarter ended March 31, 2009 were $5.1 million versus $6.0 million for the comparable quarter of 2008. The net decrease in operating expenses was primarily due to the strategic restructuring and refocusing of our clinical-stage product portfolio development programs offset by increases to clinical costs associated with our collaboration agreements with AstraZeneca.
Palatin Technologies' management will discuss the third quarter financial results for the fiscal year ending June 30, 2009 and provide an update on corporate developments during a conference call and webcast on May 15, 2009 at 11:00 a.m. ET.
Conference Call / Webcast
Palatin will host a conference call and webcast on May 15, 2009 at 11:00 a.m. Eastern Time to discuss its third quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 888-811-5421 (domestic) or 913-312-0668 (international), passcode 9642372. 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 9642372. The webcast and telephone replay will be available through May 22, 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 at http://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) Three Months Ended Nine Months Ended March 31, March 31, 2009 2008 2009 2008 REVENUES: Licenses and contracts $5,159,453 $746,957 $7,124,704 $10,467,523 OPERATING EXPENSES: Research and development 3,813,878 4,561,047 10,311,328 16,296,268 General and Administrative 1,273,365 1,480,167 3,881,688 5,468,229 Total operating Expenses 5,087,243 6,041,214 14,193,016 21,764,497 Income/(loss) from operations 72,210 (5,294,257) (7,068,312) (11,296,974) OTHER INCOME (EXPENSE): Investment income 34,966 197,199 195,182 908,290 Interest expense (8,998) (14,136) (21,016) (44,834) Gain on sale of equipment - - 550,968 - Total other income, net 25,968 183,063 725,134 863,456 Income/(loss) before income taxes 98,178 (5,111,194) (6,343,178) (10,433,518) Income tax benefit - - 1,741,476 1,291,444 NET INCOME/(LOSS) $98,178 $(5,111,194) $(4,601,702) $(9,142,074) Basic net income/(loss) per common share $0.00 $(0.06) $(0.05) $(0.11) Diluted net income/(loss) per common share $0.00 $(0.06) $(0.05) $(0.11) Weighted average number of common shares outstanding used in computing basic net income/(loss) per common share 86,662,901 85,204,169 86,273,130 85,195,179 Weighted average number of common shares outstanding used in computing diluted net income/(loss) per common share 88,387,901 85,204,169 86,273,130 85,195,179
PALATIN TECHNOLOGIES, INC. Consolidated Balance Sheet Data March 31, June 30, 2009 2008 ASSETS Current assets: Cash and cash equivalents $7,569,569 $9,421,770 Available-for-sale investments 3,407,101 3,352,771 Accounts receivable 586,811 5,747 Prepaid expenses and other current assets 628,553 484,362 Total current assets 12,192,034 13,264,650 Property and equipment, net 4,013,934 5,128,076 Restricted cash 475,000 475,000 Other assets 252,796 257,198 Total assets $16,933,764 $19,124,924 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Capital lease obligations, current portion $141,808 $263,128 Accounts payable 198,344 635,183 Accrued expenses 1,990,462 1,666,628 Accrued compensation - 767,509 Deferred revenue, current portion 5,500,001 1,666,669 Total current liabilities 7,830,615 4,999,117 Capital lease obligations, net of current portion 38,563 121,629 Deferred rent, net of current portion 1,183,340 1,479,794 Deferred revenue, net of current portion 4,722,218 5,972,220 Total liabilities 13,774,736 12,572,760 Stockholders' equity: Preferred stock of $.01 par value - authorized 10,000,000 shares; Series A Convertible; issued and outstanding 4,997 shares as of March 31, 2009 and June 30, 2008 50 50 Common stock of $.01 par value - authorized 150,000,000 shares; issued and outstanding 86,662,901 and 85,524,077 shares as of March 31, 2009 and June 30, 2008, respectively 866,629 855,241 Additional paid-in capital 209,389,927 208,247,194 Accumulated other comprehensive income 83,562 29,117 Accumulated deficit (207,181,140) (202,579,438) Total stockholders' equity 3,159,028 6,552,164 Total liabilities and stockholders' equity $16,933,764 $19,124,924
|SOURCE Palatin Technologies, Inc.|
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