Full Press Release Details
RELEASE February 16, 2010 at 7:30 a.m. ET
Technologies, Inc. Reports Second Quarter Fiscal Year 2010 Results;
Teleconference and Webcast to be held on February 16, 2010
NJ - February 16, 2010 - Palatin Technologies, Inc. (NYSE Amex: PTN) today
announced results for its second quarter ended December 31,
2009. Palatin reported net income of $4.5 million, or $0.04 per basic
and diluted share, for the quarter ended December 31, 2009, compared to a net
loss of $0.4 million, or $0.00 per basic and diluted share, for the same period
in 2008. Total revenues in the quarter ended December 31, 2009 were
$7.3 million, compared to $1.2 million for the same period in 2008.
increase in net income for the quarter ended December 31, 2009, compared to the
same period last fiscal year, was primarily due to an increase in revenue
recognized under Palatin's license and clinical trial agreements with
AstraZeneca AB (AstraZeneca).
December 31, 2009, Palatin's cash, cash equivalents and investments totaled $7.4
million, compared to $7.8 million at June 30, 2009 and $6.3 million for the same
period last year. The Company anticipates receiving $2.5 million from
AstraZeneca related to the September 2009 amendment to the parties'
collaboration agreement later this calendar quarter.
quarter ended December 31, 2009, Palatin recognized $7.3 million of contract
revenue under its license and collaboration agreement with AstraZeneca, compared
to $1.2 million for the same period in 2008. Based on the September
2009 amendment, Palatin provided research services to AstraZeneca through
January 2010. Accordingly, contract revenue is being recognized
through the January 2010 date.
operating expenses for the quarter ended December 31, 2009 were $3.8 million
compared to $4.0 million for the comparable quarter of 2008.
Technologies' management will discuss the second quarter financial results for
the fiscal year ending June 30, 2010 and provide an update on corporate
developments during a conference call and webcast on February 16, 2010 at 11:00
interested in listening to the conference call live can dial:
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 8075436. The webcast and telephone replay will be
available through February 23, 2010.
About Palatin Technologies,
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
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 events that occur after the
date of this press release.
Technologies Investor Inquiries:
/ Chief Financial Officer
Technologies Media Inquiries:
Noensie, Burns McClellan
President, Investor Relations
Statement Data Follows)
Statements of Operations
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||
| 2009 | 2008 | 2009 | 2008 | |||||
| REVENUES | $ 7,283,299 | $ 1,211,405 | $ 10,945,918 | $ 1,965,251 | ||||
| OPERATING EXPENSES: | ||||||||
| Research and development | 2,712,871 | 2,839,451 | 5,382,435 | 6,497,450 | ||||
| General and administrative | 1,134,963 | 1,151,475 | 2,288,694 | 2,608,323 | ||||
| Total operating expenses | 3,847,834 | 3,990,926 | 7,671,129 | 9,105,773 | ||||
| Income/(Loss) from operations | 3,435,465 | (2,779,521) | 3,274,789 | (7,140,522) | ||||
| OTHER INCOME/ (EXPENSE): | ||||||||
| Investment income | 70,317 | 77,236 | 103,629 | 160,216 | ||||
| Interest expense | (2,315) | (7,524) | (7,016) | (12,018) | ||||
| Gain on sale of supplies and equipment | - | 550,968 | 95,000 | 550,968 | ||||
| Total other income, net | 68,002 | 620,680 | 191,613 | 699,166 | ||||
| Income/(Loss) before income taxes | 3,503,467 | (2,158,841) | 3,466,402 | (6,441,356) | ||||
| Income tax benefit | 998,408 | 1,741,476 | 998,408 | 1,741,476 | ||||
| NET INCOME/(LOSS) | $ 4,501,875 | $ (417,365) | $ 4,464,810 | $ (4,699,880) | ||||
| Basic net income/(loss) per common share | $ 0.04 | $ 0.00 | $ 0.04 | $ (0.05) | ||||
| Diluted net income/(loss) per common share | $ 0.04 | $ 0.00 | $ 0.04 | $ (0.05) | ||||
| Weighted average number of common shares outstanding used in computing basic net income/(loss) per common share | 96,169,542 | 86,640,647 | 93,737,883 | 86,082,481 | ||||
| Weighted average number of common shares outstanding used in computing diluted net income/(loss) per common share | 96,645,078 | 86,640,647 | 94,176,625 | 86,082,481 |
| December 31, 2009 | June 30, 2009 | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 3,922,685 | $ 4,378,662 | ||
| Available-for-sale investments | 3,431,724 | 3,439,650 | ||
| Accounts receivable | 892,587 | 508,528 | ||
| Other receivables | 1,319,591 | - | ||
| Prepaid expenses and other current assets | 290,387 | 492,824 | ||
| Total current assets | 9,856,974 | 8,819,664 | ||
| Property and equipment, net | 2,983,994 | 3,650,783 | ||
| Restricted cash | 475,000 | 475,000 | ||
| Other assets | 254,206 | 254,364 | ||
| Total assets | $ 13,570,174 | $ 13,199,811 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Capital lease obligations | $ 20,307 | $ 87,675 | ||
| Accounts payable | 305,173 | 206,363 | ||
| Accrued expenses | 1,164,904 | 1,420,741 | ||
| Deferred revenue | - | 6,955,553 | ||
| Total current liabilities | 1,490,384 | 8,670,332 | ||
| Capital lease obligations | 24,372 | 33,954 | ||
| Deferred rent | 931,318 | 1,182,026 | ||
| Total liabilities | 2,446,074 | 9,886,312 | ||
| Stockholders' equity: | ||||
| Preferred stock of $.01 par value - authorized 10,000,000 shares; | ||||
| Series A Convertible; issued and outstanding 4,997 shares as of December 31, 2009 and June 30, 2009, respectively | 50 | 50 | ||
| Common stock of $.01 par value - authorized 150,000,000 shares; issued and outstanding 96,214,999 and 86,662,901 shares as of December 31, 2009 and June 30, 2009, respectively | 962,150 | 866,629 | ||
| Additional paid-in capital | 212,970,575 | 209,712,379 | ||
| Accumulated other comprehensive income | 108,185 | 116,111 | ||
| Accumulated deficit | (202,916,860) | (207,381,670) | ||
| Total stockholders' equity | 11,124,100 | 3,313,499 | ||
| Total liabilities and stockholders' equity | $ 13,570,174 | $ 13,199,811 |