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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2012 Results

CRANBURY, N.J., Sept. 11, 2012 /PRNewswire/ -- 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 fourth quarter and fiscal year ended June 30, 2012. 

Fiscal Year and Recent Highlights

  • Bremelanotide development for Female Sexual Dysfunction (FSD):
  • Palatin completed patient treatment in its Phase 2B clinical trial in premenopausal women with FSD
  • Primary data analysis and announcement of top-line results anticipated in first-half of fourth quarter of calendar year 2012
  • Obesity Collaboration with AstraZeneca:
  • Multiple classes of collaboration compounds have advanced to various stages of development. Though collaboration partner AstraZeneca has decided to discontinue further development of AZD2820, the only compound in clinical trials, AstraZeneca remains committed to this collaboration program and to the continued advancement of collaboration compounds for treatment of obesity.
  • Intellectual property developments:
  • Two additional United States patents have issued in the melanocortin field
  • Palatin has advanced its bremelanotide, PL-3994, and new melanocortin peptide patent applications in countries outside the United States
  • Equity financing:
  • On July 3, 2012, Palatin closed on a $35.0 million private placement.  The offering consisted of the sale of 3,873,000 shares of common stock, Series A 2012 warrants to purchase 31,988,151 shares of common stock, and Series B 2012 warrants to purchase 35,488,380 shares of common stock.
  • Net proceeds to Palatin after deducting offering expenses were $34.5 million 
  • Fourth Quarter and Fiscal Year End 2012 ResultsPalatin reported a net loss of $5.3 million, or $(0.14) per basic and diluted share

    SOURCE Palatin Technologies, Inc.
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