Full Press Release Details
Palatin Technologies, Inc. Reports First Quarter
Fiscal Year 2018 Results;
Teleconference and Webcast to be held on November 13,
CRANBURY, NJ November 13, 2017 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, today announced results for its first quarter
ended September 30, 2017.
- Under development for Hypoactive
Sexual Desire Disorder ( HSDD ):
Entered into a collaboration and license agreement
Pharmaceutical Industrial Development Co. Ltd.
( Fosun ), a subsidiary of Shanghai Fosun
Pharmaceutical (Group) Co., Ltd in September 2017 for exclusive
rights to develop and commercialize bremelanotide in the
territories of mainland China, Taiwan, Hong Kong S.A.R. and Macau
$4,500,000 in October 2017, consisting of an upfront payment of
$5,000,000 less $500,000 which was withheld in accordance with tax
withholding requirements in China.
closely with AMAG Pharmaceuticals, Inc. ( AMAG ) on
completing the tasks and activities necessary to file a New Drug
Application ( NDA ) with the Food and Drug
Administration ( FDA ).
NDA filing with the FDA for early calendar year 2018.
Patent 7,700,592 issued July 11, 2017, on methods of treating
female sexual dysfunction and HSDD with bremelanotide. The patent
will expire in November 2033.
First Quarter Fiscal Year 2018 Financial Results
Palatin reported net income of $10.6 million, or $0.05 per basic
and diluted share, for the quarter ended September 30, 2017,
compared to a net loss of $(13.1) million, or $(0.08) per basic and
diluted share, for the same period in 2016.
The difference in financial results between the three months ended
September 30, 2017 and 2016 was primarily attributable to the
recognition of $26.9 million in license and contract revenue during
the 2017 period pursuant to our license agreement with AMAG and our
license agreement with Fosun.
For the quarter ended September 30, 2017, Palatin recognized $21.9
million in license and contract revenue related to our license
agreement with AMAG and $5.0 million in license revenue related to
our license agreement with Fosun.
There were no revenues recorded in the quarter ended September 30,
Total operating expenses for the quarter ended September 30, 2017
were $15.7 million compared to $12.4 million for the comparable
quarter of 2016. The increase in operating expenses was mainly
attributable to the continued progress of the development of
bremelanotide for HSDD.
Other Income/Expense
Total other expense, net was $0.4 million for the quarter ended
September 30, 2017 compared to $0.6 million for the quarter ended
September 30, 2016. Total other expense, net for both periods
consisted primarily of interest expense related to Palatin's
to the license agreement with Fosun, $500,000 was withheld in
accordance with tax withholding requirements in China and will be
recorded as an expense during the fiscal year ending June 30, 2018.
For the quarter ended September 30, 2017, Palatin incurred $225,255
in income tax expense utilizing an estimated effective annual
income tax rate applied to income for the quarter and the remaining
balance of $274,745 was included in prepaid expenses and other
current assets at September 30, 2017. Any potential credit to be
received by Palatin on its United States tax returns is currently
offset by Palatin's valuation allowance.
Palatin's cash, cash equivalents, accounts receivable and
investments were $49.3 million as of September 30, 2017, compared
to cash, cash equivalents, accounts receivable and investments of
$55.6 million at June 30, 2017. Current liabilities were $19.3
million, net of deferred revenue of $20.2 million, as of September
30, 2017, compared to $19.9 million, net of deferred revenue of
$35.1 million, as of June 30, 2017.
Palatin believes that existing capital resources will be sufficient
to fund our planned operations through at least the 2018 calendar
Conference Call / Webcast
Palatin will host a conference call and webcast on November 13,
2017 at 11:00 a.m. Eastern Time to discuss the results of
operations in greater detail and provide an update on corporate
developments. Individuals interested in listening to the conference
call live can dial 1-888-394-8218 (domestic) or 1-323-701-0225
(international), conference ID 2622306. The webcast and replay can
be accessed by logging on to the Investor/Webcasts
section of Palatin's website at http://www.palatin.com. A
webcast replay will be available approximately one hour after the
completion of the call. To access the telephone replay, dial
1-888-203-1112 (domestic) or 1-719-457-0820 (international),
passcode 2622306. The webcast and telephone replay will be
available through November 18, 2017.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company
developing targeted, receptor-specific peptide therapeutics for the
treatment of diseases with significant unmet medical need and
commercial potential. 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's website at www.Palatin.com.
Forward-looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin
Technologies, Inc., such as statements about clinical trial
results, potential actions by regulatory agencies including the