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Palatin Technologies Licenses Bremelanotide in Europe and Other Selected Countries to Richter
Date:9/3/2014

CRANBURY, N.J. and BUDAPEST, Hungary, Sept. 3, 2014 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE MKT: PTN; hereinafter: "Palatin") and Gedeon Richter Plc. (hereinafter: "Richter") announced that they have entered into a collaboration and license agreement to co-develop and commercialize bremelanotide for female sexual dysfunction (FSD) indications in the European Union, other European countries and additional selected countries.  Richter is a European-based specialty pharmaceutical company with a strong focus in female health and annual sales of more than €1.2 billion ($1.6 billion).

Under the terms of the agreement, Palatin will receive total upfront payments of €7.5 million ($9.9 million). Palatin and Richter will each contribute to the European co-development activities (primarily one phase 3 clinical trial in Europe) for obtaining regulatory approval in Europe. Palatin anticipates that its part of the European co-development activities will be cash neutral through the European regulatory filing stage. All sales, marketing, and commercial activities and associated costs in the licensed territory will be the sole responsibility of Richter.

Palatin will additionally receive €2.5 million ($3.3 million) upon initiation of its phase 3 clinical trial program in the United States. Palatin is also eligible to receive €20 million ($26.4 million) regulatory related milestones. Palatin has the potential to receive up to €60 million ($79.2 million) potential sales related milestones and low double-digit royalties on net sales in the licensed territory.

"We are extremely pleased to have Richter as our European partner for bremelanotide.  They are a leader in the development and marketing of female healthcare products. Their female healthcare franchise had over $500 million in sale
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SOURCE Palatin Technologies, Inc.
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