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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2013 Results
Date:9/30/2013

CRANBURY, N.J., Sept. 30, 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 fourth quarter and fiscal year ended June 30, 2013. 

Fiscal Year and Recent Highlights

  • Bremelanotide development for Female Sexual Dysfunction (FSD):
  • Completed a successful Phase 2B clinical trial and productive end-of-Phase 2 meetings with the U.S. Food and Drug Administration (FDA)
  • Pivotal Phase 3 clinical trials anticipated to initiate patient dosing in the first quarter of calendar year 2014
  • Obesity Collaboration with AstraZeneca:
  • AstraZeneca is evaluating the program and next steps following discontinuation of further development of AZD2820
  • A number of collaboration compounds are in various stages of preclinical testing
  • Intellectual property developments:
  • Two United States patents issued in the melanocortin field in the fiscal year ended June 30, 2013
  • Palatin has advanced its bremelanotide, PL-3994, and new melanocortin peptide patent applications in countries outside the United States
  • Equity financing:
  • On July 3, 2012, Palatin closed on a $35.0 million private placement.  The offering consisted of the sale of 3,873,000 shares of common stock, Series A 2012 warrants to purchase 31,988,151 shares of common stock, and Series B 2012 warrants to purchase 35,488,380 shares of common stock 
  • Net proceeds to Palatin after deducting offering expenses were $34.4 million 
  • Fourth Quarter and Fiscal Year End 2013 Results
    Palatin reported a net loss of $4.7 million, or $(0.04) per basic and diluted share, for the quarter ended June 30, 2013, compared to a net loss of $5.3 million, or $(0.14) per basic and diluted sha
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    SOURCE Palatin Technologies, Inc.
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