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Palatin Technologies Announces Option for License to Bremelanotide in Europe
Date:11/13/2013

CRANBURY, N.J., Nov. 13, 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, announced that it has entered into an option agreement for an exclusive license to bremelanotide for female sexual dysfunction indications in selected European countries, including the European Union. 

Palatin received a $1.0 million, non-refundable option fee under the option agreement.  Subject to certain contingencies, if not exercised the option expires in the first calendar quarter of 2014. 

The option agreement is with a European specialty pharmaceutical company with pharmaceutical manufacturing, research and development, and sales and marketing capabilities.  As part of the option agreement, the parties are seeking regulatory advice from the European Medicines Agency on phase 3 clinical data required for approval of bremelanotide for female sexual dysfunction in the European Union.

"We believe that the two largest potential markets for bremelanotide are the United States and the European Union," stated Carl Spana, Ph.D., President and CEO of Palatin.  "Based on a number of factors, it may be most effective to have separate partners for the United States and for the European Union.  We are pleased with the relationship with our potential European partner, which has extensive European regulatory experience and has been instrumental in preparing for our meeting with the European Medicines Agency.  We are optimistic we will be able to successfully conclude a definitive agreement with them on European commercialization of bremelanotide for female sexual dysfunction.  We are also in active discussions with multiple pharm
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SOURCE Palatin Technologies, Inc.
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