Full Press Release Details
Technologies, Inc. Reports Third Quarter Fiscal Year 2010
Teleconference and Webcast to be held on May 13, 2010
NJ - May 13, 2010 - Palatin Technologies, Inc. (NYSE Amex: PTN), a
biopharmaceutical company focused on discovering and developing targeted,
receptor-specific small molecule and peptide therapeutics, today announced
results for its third quarter ended March 31, 2010. Palatin reported
a net loss of $2.0 million, or ($0.02) per basic and diluted share for the
quarter ended March 31, 2010, compared to net income of $0.1 million, or $0.00
per basic and diluted share for the same period in 2009. Total
revenues in the quarter ended March 31, 2010 were $2.6 million, compared to $5.2
million for the same period in 2009.
loss for the quarter ended March 31, 2010, compared to the net income for the
quarter ended March 31, 2009, was primarily attributable to a decrease in the
recognition of revenue under our agreements with AstraZeneca.
March 31, 2010, Palatin's cash, cash equivalents and investments totaled $10.2
million, compared to $7.8 million at June 30, 2009. The increase in
cash, cash equivalents, and investments is primarily the net result of the
receipt of $5.0 million in milestone payments from AstraZeneca related to the
September 2009 amendment to the license and collaboration agreement, net
proceeds of $5.2 million from the sale of common stock and warrants in two
registered direct offerings, and the cash utilized to fund operations during the
nine months ended March 31, 2010.
quarter ended March 31, 2010, Palatin recognized $2.6 million of contract
revenue under its license and collaboration agreement with AstraZeneca, compared
to $5.2 million for the same period in 2009. Based on the September
2009 amendment, Palatin provided research services to AstraZeneca through
January 30, 2010 and recognized contract revenue accordingly.
operating expenses for the quarter ended March 31, 2010 were $4.6 million,
compared to $5.1 million for the comparable quarter of 2009. Included
as a component of operating expenses were non-cash, share-based expenses of $0.2
million and $0.3 million for the third quarter of fiscal year 2010 and 2009,
Technologies' management will discuss the third 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 May 13, 2010 at 11:30 a.m.
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), Pass code 7740413. The webcast and telephone replay will be
available through May 20, 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.
Palatin Technologies Investor
Technologies Media Inquiries:
Noensie, Burns McClellan
President, Investor Relations
Statement Data Follows)
Statements of Operations
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| REVENUES | $ | 2,559,852 | $ | 5,159,453 | $ | 13,505,770 | $ | 7,124,704 | ||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 3,356,956 | 3,813,878 | 8,739,389 | 10,311,328 | ||||||||||||
| General and administrative | 1,238,187 | 1,273,365 | 3,526,883 | 3,881,688 | ||||||||||||
| Total operating expenses | 4,595,143 | 5,087,243 | 12,266,272 | 14,193,016 | ||||||||||||
| Income/(Loss) from operations | (2,035,291 | ) | 72,210 | 1,239,498 | (7,068,312 | ) | ||||||||||
| OTHER INCOME/ (EXPENSE): | ||||||||||||||||
| Investment income | 16,641 | 34,966 | 120,270 | 195,182 | ||||||||||||
| Interest expense | (2,287 | ) | (8,998 | ) | (9,303 | ) | (21,016 | ) | ||||||||
| Gain on sale of supplies and equipment | - | - | 95,000 | 550,968 | ||||||||||||
| Total other income, net | 14,354 | 25,968 | 205,967 | 725,134 | ||||||||||||
| Income/(Loss) before income taxes | (2,020,937 | ) | 98,178 | 1,445,465 | (6,343,178 | ) | ||||||||||
| Income tax benefit | - | - | 998,408 | 1,741,476 | ||||||||||||
| NET INCOME/(LOSS) | $ | (2,020,937 | ) | $ | 98,178 | $ | 2,443,873 | $ | (4,601,702 | ) | ||||||
| Basic net income/(loss) per common share | $ | (0.02 | ) | $ | 0.00 | $ | 0.02 | $ | (0.05 | ) | ||||||
| Diluted net income/(loss) per common share | $ | (0.02 | ) | $ | 0.00 | $ | 0.02 | $ | (0.05 | ) | ||||||
| Weighted average number of common shares outstanding used in computing basic net income/(loss) per common share | 99,873,230 | 86,662,901 | 95,753,143 | 86,273,130 | ||||||||||||
| Weighted average number of common shares outstanding used in computing diluted net income/(loss) per common share | 99,873,230 | 86,662,901 | 96,467,914 | 86,273,130 |
| March 31, 2010 | June 30, 2009 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,775,679 | $ | 4,378,662 | ||||
| Available-for-sale investments | 3,449,720 | 3,439,650 | ||||||
| Accounts receivable | 530,092 | 508,528 | ||||||
| Prepaid expenses and other current assets | 377,303 | 492,824 | ||||||
| Total current assets | 11,132,794 | 8,819,664 | ||||||
| Property and equipment, net | 2,688,702 | 3,650,783 | ||||||
| Restricted cash | 475,000 | 475,000 | ||||||
| Other assets | 257,420 | 254,364 | ||||||
| Total assets | $ | 14,553,916 | $ | 13,199,811 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Capital lease obligations | $ | 19,170 | $ | 87,675 | ||||
| Accounts payable | 681,190 | 206,363 | ||||||
| Accrued expenses | 1,477,682 | 1,420,741 | ||||||
| Deferred revenue | - | 6,955,553 | ||||||
| Total current liabilities | 2,178,042 | 8,670,332 | ||||||
| Capital lease obligations | 19,393 | 33,954 | ||||||
| Deferred rent | 793,608 | 1,182,026 | ||||||
| Total liabilities | 2,991,043 | 9,886,312 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock of $0.01 par value - authorized 10,000,000 shares; | ||||||||
| Series A Convertible; issued and outstanding 4,997 shares as of March 31, 2010 and June 30, 2009, respectively | 50 | 50 | ||||||
| Common stock of $0.01 par value - authorized 150,000,000 shares; issued and outstanding 106,571,465 and 86,662,901 shares as of March 31, 2010 and June 30, 2009, respectively | 1,065,715 | 866,629 | ||||||
| Additional paid-in capital | 215,308,724 | 209,712,379 | ||||||
| Accumulated other comprehensive income | 126,181 | 116,111 | ||||||
| Accumulated deficit | (204,937,797 | ) | (207,381,670 | ) | ||||
| Total stockholders' equity | 11,562,873 | 3,313,499 | ||||||
| Total liabilities and stockholders' equity | $ | 14,553,916 | $ | 13,199,811 |