Full Press Release Details
FOR RELEASE May 15, 2009
Palatin Technologies,
Inc. Reports Fiscal Year 2009 Third Quarter Results;
Teleconference and Webcast to be
held on May 15, 2009
CRANBURY, NJ May 15, 2009
Palatin Technologies, Inc. (NYSE Amex: PTN) announced today results for its third
quarter ended March 31, 2009. Palatin reported net income of $0.1 million, or $0.00 per
basic and diluted share, for the quarter ended March 31, 2009, compared to a net loss of
$5.1 million, or $0.06 per basic and diluted share, for the same period in 2008. Total
revenues in the quarter ended March 31, 2009 were $5.2 million, compared to $0.7 million
for the same period in 2008.
The net income for the quarter ended
March 31, 2009 versus the net loss for the quarter ended March 31, 2008 was primarily
attributable to revenue related to our license and clinical trial collaboration agreements
with AstraZeneca AB (NYSE: AZN).
As of March 31, 2009, Palatin had
cash, cash equivalents and available-for-sale investments totaling $11.0 million, compared
to $12.8 million at June 30, 2008.
For the quarter ended March 31, 2009,
Palatin recognized $5.2 million of revenue under its collaboration agreements with
AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.7 million of from
Total operating expenses for the
quarter ended March 31, 2009 were $5.1 million versus $6.0 million for the comparable
quarter of 2008. The net decrease in operating expenses was primarily due to the strategic
restructuring and refocusing of our clinical-stage product portfolio development programs
offset by increases to clinical costs associated with our collaboration agreements with
Palatin Technologies management
will discuss the third quarter financial results for the fiscal year ending June 30, 2009
and provide an update on corporate developments during a conference call and webcast on
May 15, 2009 at 11:00 a.m. ET.
Conference Call / Webcast
Palatin will host a conference call
and webcast on May 15, 2009 at 11:00 a.m. Eastern Time to discuss its third quarter of
fiscal year 2009 financial results. Individuals interested in listening to the conference
call live can dial 888-811-5421 (domestic) or 913-312-0668 (international), passcode
9642372. The webcast and replay can be accessed by logging on to the Investor/Media
Center-Webcasts section of Palatin s website at http://www.palatin.com.
A telephone and webcast replay will be available approximately one hour after the
completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or
719-457-0820 (international), passcode 9642372. The webcast and telephone replay will be
available through May 22, 2009.
Palatin Technologies, Inc. is a
biopharmaceutical company focused on discovering and developing targeted,
receptor-specific small molecule and peptide therapeutics. Palatin s strategy is to
develop products and then form marketing collaborations with industry leaders in order to
maximize their commercial potential. For additional information regarding Palatin, please
visit Palatin Technologies website at http://www.palatin.com.
Statements about future expectations
of Palatin Technologies, Inc., including statements about its development programs,
proposed indications for its product candidates, pre-clinical activities, marketing
collaborations, and all other statements in this document other than historical facts, are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is
defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such
forward-looking statements be subject to the safe harbors created thereby. Palatin s
actual results may differ materially from those discussed in the forward-looking
statements for various reasons, including, but not limited to Palatin s ability to
fund development of its technology, ability to establish and successfully complete
clinical trials and pre-clinical studies and the results of those trials and studies,
dependence on its partners for certain development activities, need for regulatory
approvals and commercial acceptance of its products, ability to protect its intellectual
property, and other factors discussed in Palatin s periodic filings with the
Securities and Exchange Commission. Palatin is not responsible for updating for events
that occur after the date of this press release.
| Palatin Technologies Investor Inquiries: | Palatin Technologies Media Inquiries: |
| Stephen T. Wills, CPA, MST | Susan Kim, Burns McClellan |
| EVP-Operations / Chief Financial Officer | Tel: (212) 213-0006 |
| (609) 495-2200/ info@palatin.com | skim@burnsmc.com |
(Financial Statement Data Follows)
PALATIN TECHNOLOGIES,
Consolidated Statement of Operations Data
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||
| REVENUES: | |||||||||
| Licenses and contracts | $ 5,159,453 | $ 746,957 | $ 7,124,704 | $ 10,467,523 | |||||
| OPERATING EXPENSES: | |||||||||
| Research and | |||||||||
| development | 3,813,878 | 4,561,047 | 10,311,328 | 16,296,268 | |||||
| General and | |||||||||
| administrative | 1,273,365 | 1,480,167 | 3,881,688 | 5,468,229 | |||||
| Total operating | |||||||||
| expenses | 5,087,243 | 6,041,214 | 14,193,016 | 21,764,497 | |||||
| Income/(loss) from | |||||||||
| operations | 72,210 | (5,294,257 | ) | (7,068,312 | ) | (11,296,974 | ) | ||
| OTHER INCOME (EXPENSE): | |||||||||
| Investment income | 34,966 | 197,199 | 195,182 | 908,290 | |||||
| Interest expense | (8,998 | ) | (14,136 | ) | (21,016 | ) | (44,834 | ) | |
| Gain on sale of equipment | - | - | 550,968 | - | |||||
| Total other income, net | 25,968 | 183,063 | 725,134 | 863,456 | |||||
| Income/(loss) before income | |||||||||
| taxes | 98,178 | (5,111,194 | ) | (6,343,178 | ) | (10,433,518 | ) | ||
| Income tax benefit | - | - | 1,741,476 | 1,291,444 | |||||
| NET INCOME/(LOSS) | $ 98,178 | $(5,111,194 | ) | $(4,601,702 | ) | $(9,142,074 | ) | ||
| Basic net income/(loss) per | |||||||||
| common share | $ 0.00 | $ (0.06 | ) | $ (0.05 | ) | $ (0.11 | ) | ||
| Diluted net income/(loss) per | |||||||||
| common share | $ 0.00 | $ (0.06 | ) | $ (0.05 | ) | $ (0.11 | ) | ||
| Weighted average number of | |||||||||
| common shares outstanding | |||||||||
| used in computing basic | |||||||||
| net income/(loss) per | |||||||||
| common share | 86,662,901 | 85,204,169 | 86,273,130 | 85,195,179 | |||||
| Weighted average number of | |||||||||
| common shares outstanding | |||||||||
| used in computing diluted | |||||||||
| net income/(loss) per | |||||||||
| common share | 88,387,901 | 85,204,169 | 86,273,130 | 85,195,179 |
PALATIN TECHNOLOGIES,
Consolidated Balance Sheet Data
| March 31, 2009 | June 30, 2008 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ 7,569,569 | $ 9,421,770 | |||
| Available-for-sale investments | 3,407,101 | 3,352,771 | |||
| Accounts receivable | 586,811 | 5,747 | |||
| Prepaid expenses and other current assets | 628,553 | 484,362 | |||
| Total current assets | 12,192,034 | 13,264,650 | |||
| Property and equipment, net | 4,013,934 | 5,128,076 | |||
| Restricted cash | 475,000 | 475,000 | |||
| Other assets | 252,796 | 257,198 | |||
| Total assets | $ 16,933,764 | $ 19,124,924 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current liabilities: | |||||
| Capital lease obligations, current portion | $ 141,808 | $ 263,128 | |||
| Accounts payable | 198,344 | 635,183 | |||
| Accrued expenses | 1,990,462 | 1,666,628 | |||
| Accrued compensation | - | 767,509 | |||
| Deferred revenue, current portion | 5,500,001 | 1,666,669 | |||
| Total current liabilities | 7,830,615 | 4,999,117 | |||
| Capital lease obligations, net of current portion | 38,563 | 121,629 | |||
| Deferred rent, net of current portion | 1,183,340 | 1,479,794 | |||
| Deferred revenue, net of current portion | 4,722,218 | 5,972,220 | |||
| Total liabilities | 13,774,736 | 12,572,760 | |||
| Stockholders' equity: | |||||
| Preferred stock of $.01 par value - authorized 10,000,000 shares; | |||||
| Series A Convertible; issued and outstanding 4,997 shares as of | |||||
| March 31, 2009 and June 30, 2008 | 50 | 50 | |||
| Common stock of $.01 par value - authorized 150,000,000 shares; | |||||
| issued and outstanding 86,662,901 and 85,524,077 shares as of | |||||
| March 31, 2009 and June 30, 2008, respectively | 866,629 | 855,241 | |||
| Additional paid-in capital | 209,389,927 | 208,247,194 | |||
| Accumulated other comprehensive income | 83,562 | 29,117 | |||
| Accumulated deficit | (207,181,140 | ) | (202,579,438 | ) | |
| Total stockholders' equity | 3,159,028 | 6,552,164 | |||
| Total liabilities and stockholders' equity | $ 16,933,764 | $ 19,124,924 |