Navigation Links
Palatin Technologies Announces Receipt of $4.1 Million from AstraZeneca
Date:2/12/2009

Earns Milestone Payment of Additional $2.5 Million

CRANBURY, N.J., Feb. 12 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Alternext US: PTN) today announced it has received $4.1 million from AstraZeneca relating to an extension of its exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors and a clinical trial sponsored research agreement.

Palatin also announced that it has earned a milestone payment of $2.5 million in connection with its collaboration and license agreement with AstraZeneca. Palatin anticipates receiving the $2.5 million in the current calendar quarter.

The $6.6 million received or to be received from AstraZeneca, coupled with $1.7 million that Palatin received from the sale of net operating losses to the State of New Jersey, $700,000 from the sale of non-core fixed assets, and its cash and cash equivalents balance, gives Palatin sufficient cash to fund its projected operations through calendar year 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 www.palatin.com.

About AstraZeneca

AstraZeneca is a major international healthcare business engaged in the research, development, manufacturing and marketing of meaningful prescription medicines and supplier for healthcare services. AstraZeneca is one of the world's leading pharmaceutical companies with healthcare sales of US$ 31.6 billion and is a leader in gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infectious disease medicines. For more information about AstraZeneca, please visit: www.astrazeneca.com

Forward-looking Statements

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 the 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.


'/>"/>
SOURCE Palatin Technologies, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Palatin Technologies, Inc. Reports Fiscal Year 2008 Second Quarter Results; Teleconference and Webcast to be held on February 11, 2008
2. Palatin Technologies to Present at the Acumen BioFin Rodman & Renshaw 9th Annual Healthcare Conference
3. Stratus Technologies Partners With Infinity Healthcare Solutions to Resell Availability Products With Its Services
4. Dilon Technologies Leads Molecular Breast Imaging Expansion
5. China Medical Technologies to Announce Financial Results for the Third Fiscal Quarter Ended December 31, 2008 on March 2, 2009
6. VNUS Medical Technologies to Present at the Roth 21st Annual OC Growth Stock Conference
7. Greenway Medical Technologies and Navicure Form Partnership to Streamline Claims Management Process
8. ReBuilder Medical Technologies, Inc. to Change Name to American Med Tech
9. Advanced Wound Technologies Mid-Atlantic, Inc. Announces Name Change and Reverse Stock Split
10. ReBuilder Medical Technologies, Inc. (RBRM) Announces Sales Increase In Jan. 09
11. Scribe Healthcare Technologies, LLC to Integrate BenchMark KB™ in Scribe Complete™ Medical Documentation Platform
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... (PRWEB) , ... February 24, 2017 , ... The narrative ... offers Erik Schanssema ’s true account of his paramedic experiences. Schanssema describes the ... disorder and his attempts to overcome them. , Schanssema, initially unsure of the ...
(Date:2/24/2017)... ... February 24, 2017 , ... The California State ... convening academic faculty engaged in or interested in palliative care education and research. The ... be held in North County San Diego on Sept. 28 and 29, 2017, on ...
(Date:2/24/2017)... , ... February 24, 2017 , ... The International Association ... annual “Imagine Me Beyond What You See” body image mannequin art competition. Selected from ... be showcased and the winner revealed at the 31st annual iaedp Symposium, March 22 ...
(Date:2/24/2017)... ... ... The Radiology Business Management Association will select the 2017 Quest ... Better Radiology Marketing Programs conference, held this year from March 5 to 7 ... given out in five categories. They are:, ,     Patient Marketing, a ...
(Date:2/24/2017)... (PRWEB) , ... February 24, 2017 , ... ... qualifying into the Senior International Elite division on February 12th. Ms. Esparza ... divisions at the elite qualifier competition held in Las Vegas, Nevada. Frida is ...
Breaking Medicine News(10 mins):
(Date:2/24/2017)... 24, 2017 Zimmer Biomet Holdings, Inc. (NYSE ... will present at the Cowen and Company 37 th ... Copley Place on Tuesday, March 7, 2017 at 11:20 ... of the presentation can be accessed at http://wsw.com/webcast/cowen38/zbh ... the conference via Zimmer Biomet,s Investor Relations website at ...
(Date:2/24/2017)... Research and Markets has announced the addition of the "Hemophilia Drugs ... ... Price Analysis and Strategies - 2016, provides drug pricing data and benchmarks ... What are the key drugs marketed for ... Hemophilia market? What are the unit prices and annual ...
(Date:2/24/2017)... HARRISBURG, Pa. , Feb. 24, 2017 ... Secretary of Drug and Alcohol Programs Jennifer Smith ... role in providing training for and using naloxone, a ... Mark McCullough , a recovery specialist and overdose ... naloxone by EMS providers. "A significant part ...
Breaking Medicine Technology: