Based upon the discussions with FDA, Palatin intends to finalize the protocols for the pivotal Phase 3 clinical studies and start screening patients later this year.
Quarter Ended March 31, 2013 Financial Results
For the three months ended March 31, 2013, Palatin reported a net loss of $4.0 million, or $(0.04) per basic and diluted share, compared to a net loss of $6.0 million, or $(0.17) per basic and diluted share, for the same period in 2012.
The decrease in net loss for the quarter ended March 31, 2013, compared to the same period last fiscal year, is attributable to a decrease in operating expenses primarily related to Palatin's Phase 2B clinical trial evaluating the efficacy and safety of bremelanotide for the treatment of FSD.
Palatin did not recognize any revenues for the quarter ended March 31, 2013, compared to $23,996 for the quarter ended March 31, 2012. Revenue consists of contract revenue under our collaboration agreement with AstraZeneca.
Costs and Expenses
Total operating expenses for the quarter ended March 31, 2013 were $4.0 million compared to $6.1 million for the comparable quarter of 2012. The decrease in operating expenses for the quarter was primarily due to Palatin's Phase 2B clinical trial with bremelanotide for FSD and secondarily as a result of closing our research laboratory operations in connection with the lease expiration of the laboratory facilities in July 2012.
As of March 31, 2013, Palatin had cash and cash equivalents of $23.5 million, $6.0 million in short term investments and current liabilities of $2.7 million. Cash and cash equivalents as of June 30, 2012 were $3.8 million with current liabilities of $3.5 million.
Palatin believes that its existing capital resources will be adequate to fund its currently planned opera
|SOURCE Palatin Technologies, Inc.|
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