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Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2014 Results; Teleconference and Webcast to be held on November 14, 2013
Date:11/14/2013

CRANBURY, N.J., Nov. 14, 2013 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced results for its first quarter ended September 30, 2013. 

Recent Highlights
Bremelanotide development for Female Sexual Dysfunction (FSD):

  • Successful completion of device bioequivalence trial
  • Receipt of a $1.0 million, non-refundable option fee relating to negotiation of a potential future license of bremelanotide in a defined territory outside North America
  • Pivotal Phase 3 clinical trials anticipated to start in the first quarter of calendar year 2014

    • The Company obtained patents during the quarter:

  • U.S. Patent 8,487,073, entitled "Melanocortin Receptor-Specific Peptides for Treatment of Sexual Dysfunction" issued July 16, 2013, claiming composition of matter on novel peptides for treatment of sexual dysfunction, obesity and related indications
  • U.S. Patent No. 8,492,517, entitled "Melanocortin-1 Receptor-Specific Cyclic Peptides" issued July 23, 2013, claiming composition of matter of lead peptides for treatment of inflammation-related diseases

    • First Quarter Fiscal 2014 Financial Results
    Palatin reported a net loss of $4.5 million, or $(0.04) per basic and diluted share, for the quarter ended September 30, 2013, compared to a net loss of $10.5 million, or $(0.15) per basic and diluted share, for the same period in 2012.The decrease in net loss for the quarter ended September 30, 2013 compared to the same period last fiscal year was mainly attributable to the recognition of a $7.1 million, non-operating expense, in the quarter ended September 30, 2012, which represented the increase in fair value of warrants issued in connection with Palatin'
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    SOURCE Palatin Technologies, Inc.
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