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

re, for the same period in 2012.The decrease in net loss for the quarter ended June 30, 2013 compared to the net loss for the quarter ended June 30, 2012 was mainly the result of a decrease in costs related to our bremelanotide for FSD program. 

Palatin's net loss for the year ended June 30, 2013 was $20.9 million, or $(0.21) per basic and diluted share, compared to a net loss of $17.3 million, or $(0.49) per basic and diluted share, for the year ended June 30, 2012. 

The increase in net loss for the year ended June 30, 2013 compared to the net loss for the year ended June 30, 2012 was mainly attributable to the recognition of a $7.1 million non-cash charge to expense for the increase in the fair value of warrants related to the July 3, 2012 private placement offering partially offset by the decrease in costs related to our bremelanotide for FSD program.

Revenue
There were no revenues recorded in the quarter ended June 30, 2013, compared to $11,000 for the same period in 2012.  For the year ended June 30, 2013, revenues were $10,000, compared to $74,000 for year ended June 30, 2012.  Revenue consisted entirely of reimbursement of development costs and per-employee compensation earned at the contractual rate pursuant to Palatin's license agreement with AstraZeneca. 

Operating Expenses
For the quarter ended June 30, 2013, total operating expenses were $4.7 million compared to $5.7 million for the comparable quarter of 2012.  For the year ended June 30, 2013, total operating expenses were $15.6 million compared to $18.9 million for the year ended June 30, 2012. The decreases in operating expenses for the respective periods was primarily the result of  a decrease in costs related to our bremelanotide for FSD program, and secondarily as a result of closing our research laboratory operations in connection with the lease expiration of our laboratory facilities in July 2012.

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SOURCE Palatin Technologies, Inc.
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