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Palatin Technologies, Inc. Reports Second Quarter Fiscal Year 2012 Results; Teleconference and Webcast to be Held on February 15, 2012
Date:2/15/2012

CRANBURY, N.J., Feb. 15, 2012 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: 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 second quarter ended December 31, 2011.  Palatin reported a net loss of $2.6 million, or $(0.08) per basic and diluted share, for the quarter ended December 31, 2011, compared to a net loss of $1.1 million, or $(0.09) per basic and diluted share, for the same period in 2010.  

The increase in net loss for the quarter ended December 31, 2011, compared to the same period last fiscal year, is attributable to costs related to Palatin's ongoing Phase 2B clinical trial with bremelanotide for Female Sexual Dysfunction (FSD) and a decrease in grant and contract revenue.

REVENUERevenues for the quarter ended December 31, 2011 were $11,492, which consisted of contract revenue pursuant to its collaboration agreement with AstraZeneca. For the quarter ended December 31, 2010, Palatin recognized revenue of $1.0 million, consisting of $846,768 in grant revenue received under the Patient Protection and Affordable Care Act of 2010 and $195,408 in contract revenue under its collaboration agreement with AstraZeneca.

COSTS AND EXPENSESTotal operating expenses for the quarter ended December 31, 2011 were $3.7 million compared to $2.9 million for the comparable quarter of 2010.  The increase in operating expenses for the quarter was primarily due to costs related to Palatin's ongoing Phase 2B clinical trial with bremelanotide for FSD.

CASH POSITION Palatin's cash and cash equivalents as of December 31, 2011 were $11.9 million, with $1.1 million in accounts receivable due from the sale of Palatin's New Jersey state net operating loss carryforwards, and curre
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SOURCE Palatin Technologies, Inc.
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