Full Press Release Details
Palatin Technologies, Inc. Reports Second Quarter
Fiscal Year 2017 Results;
Teleconference and Webcast to be held on February 9,
NJ February 9, 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 second quarter ended
Rekynda (bremelanotide) - Under development for Hypoactive
Sexual Desire Disorder (HSDD):
North American license agreement with AMAG Pharmaceuticals, Inc. to
develop and commercialize Rekynda.
$60 million initial payment under license agreement with
2016 reported positive Phase 3 clinical results - both pivotal
trials met the pre-specified co-primary efficacy endpoints of
improvement in desire and decrease in distress associated with low
2016, Palatin closed on an underwritten public offering of units
with gross proceeds of $16.5 million, with net proceeds, after
deducting offering expenses, of approximately $15.4 million.
shares of common stock and five year Series J warrants to purchase
12,692,310 shares of common stock at an exercise price of $0.80 per
are confident that AMAG's commercial capabilities and expertise
will drive a successful approval and launch of Rekynda in early
2019." said Carl Spana, Ph.D., chief executive officer of Palatin
Technologies. "We are excited to now be able to devote significant
resources and attention to our other development programs, which
address diseases such as heart failure and inflammatory bowel
diseases using targeted, receptor-specific peptides which we
Second Quarter Fiscal 2017 Financial Results
reported a net loss of $(10.0) million, or $(0.06) per basic and
diluted share, for the quarter ended December 31, 2016, compared to
a net loss of $(13.2) million, or $(0.08) per basic and diluted
share, for the same period in 2015.
difference between the three months ended December 31, 2016 and
2015 was primarily attributable to the completion of the Phase 3
clinical trials of our Rekynda program for HSDD.
were no revenues recorded in the quarters ended December 31, 2016
operating expenses for the quarter ended December 31, 2016 were
$9.4 million compared to $12.6 million for the comparable quarter
of 2015. The decrease in operating expenses for the quarter ended
December 31, 2016 was primarily attributable to the completion of
the Phase 3 clinical trials of our Rekynda program for
Other Income/Expense
other income (expense), net, was $(0.6) million for the quarters
ended December 31, 2016 and 2015 consisting primarily of interest
expense related to venture debt.
cash, cash equivalents and investments were $13.5 million, before
giving effect to the receipt of $60 million from AMAG, as of
December 31, 2016, compared to cash and cash equivalents $9.4
million at June 30, 2016. Current liabilities were $19.6 million as
of December 31, 2016, compared to $13.9 million as of June 30,
believes that existing capital resources will be adequate to fund
our planned operations through at least the fiscal year ending June
Palatin Drug Discovery Programs
the conference call and webcast, management will discuss
anticipated next steps in Palatin's portfolio of drug development
programs. These include Palatin's melanocortin
receptor 1 agonist peptides for treatment of inflammatory and
dermatologic disease indications, natriuretic peptide
receptor A agonist compounds for treatment of cardiovascular
and pulmonary indications, and melanocortin receptor-4 agonist
compounds for treatment of obesity and diabetes.
Conference Call / Webcast
will host a conference call and audio webcast on February 9, 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 1-800-500-0311 (U.S./Canada) or 1-719-457-2641
(international), conference ID 9389688. The audio webcast and
replay can be accessed by logging on to the
Investor/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 1-888-203-1112 (U.S./Canada)
or 1-719-457-0820 (international), passcode 9389688. The webcast
and telephone replay will be available through February 16,
About Palatin Technologies, Inc.
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
Forward-looking 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 FDA, regulatory plans,
development programs, proposed indications for product candidates
and market potential for product candidates, 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. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
Palatin's actual results to be materially different from its
historical results or from any results expressed or implied by such