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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2011 Results
Date:9/22/2011

CRANBURY, N.J., Sept. 22, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN), a biopharmaceutical company developing bremelanotide for sexual dysfunction indications and PL-3994 for acute asthma and other indications, today announced results for its fourth quarter and fiscal year ended June 30, 2011.  

Recent Highlights

  • Palatin initiated enrollment in its Phase 2B trial with bremelanotide in premenopausal women with female sexual dysfunction.
  • Palatin announced commencement of a Phase 1 trial of AZD2820, under development for treatment of obesity, in collaboration with AstraZeneca.
  • In March 2011, Palatin closed on a $23.0 million firm commitment public offering consisting of 23 million units at a price to the public of $1.00.  Net proceeds to Palatin after deducting underwriting discounts and other offering expenses were $21.0 million.

  • Fourth Quarter and Fiscal Year End 2011 ResultsPalatin reported a net loss of $3.3 million, or $(0.09) per basic and diluted share, for the quarter ended June 30, 2011, compared to a net loss of $4.2 million, or $(0.40) per basic and diluted share, for the same period in 2010.The change in net loss for the quarter ended June 30, 2011 compared to the net loss for the quarter ended June 30, 2010 was primarily attributable to $1.3 million of non-cash, non-operating income, which represents the decrease in estimated fair value of the warrant liability from March 31, 2011 through May 11, 2011, the date the warrants ceased to be classified as a liability upon stockholder approval of the increase in authorized common stock

    Palatin's net loss for the year ended June 30, 2011 was $12.8 million, or $(0.64) per basic and diluted share, compared to a net loss of $1.8 million, or $(0.18) per basic and diluted share, for the year ended June 30, 2010.  

    The change in net lo
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    SOURCE Palatin Technologies, Inc.
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    Related biology technology :

    1. Palatin Technologies, Inc. Reports Positive Results of Phase 2a Clinical Study with PL-3994 for the Treatment of Heart Failure
    2. Palatin Technologies, Inc. Revised Call-In Number for Teleconference and Webcast to be held on September 30, 2008
    3. Palatin Technologies to Report Fiscal Year 2009 First Quarter Results; Conference Call and Webcast on November 17, 2008
    4. Palatin Technologies Receives Notification Letter from NYSE Alternext US
    5. Palatin Technologies to Report Fiscal Year 2009 Second Quarter Results; Conference Call and Webcast on February 17, 2009
    6. Palatin Technologies Listing Compliance Plan Accepted by NYSE Alternext US
    7. Palatin Technologies, Inc. Receives U.S. Patent Allowance for Heart Failure Drug Candidate
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    9. Palatin Technologies, Inc. to Raise $3.1 Million in Registered Direct Offering
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    11. Palatin Technologies, Inc. to Report Fourth Quarter and Fiscal Year 2009 Results; Teleconference and Webcast to be held on September 8, 2009
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