Palatin Technologies Announces Issuance of Two Natriuretic Peptide Receptor-Specific Mimetic Patents

CRANBURY, N.J., Nov. 12, 2013 /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, announced that the United States Patent and Trademark Office today issued two new patents to Palatin. Both patents support Palatin's program developing synthetic mimetics of the neuropeptide hormone atrial natriuretic peptide. These mimetics may be useful in treatment of acute asthma, other pulmonary diseases, heart failure, hypertension and other indications.

U.S. Patent 8,580,747, entitled "Cyclic Natriuretic Peptide Constructs," has composition of matter claims relating to Palatin's PL-3994 natriuretic peptide receptor-A agonist for treatment of cardiovascular and pulmonary indications. PL-3994 has completed two early stage human clinical studies, a Phase 1 trial in healthy volunteers and a Phase 2A trial in volunteers with controlled hypertension.

U.S. Patent 8,580,746, entitled "Amide Linkage Cyclic Natriuretic Peptide Constructs," has composition of matter claims to a novel series of mimetics of atrial natriuretic peptide. These compounds have potential utility in a number of cardiovascular and pulmonary indications.

"We are pleased to have two new issued patents supporting our natriuretic peptide portfolio. Our mimetic peptides have a much longer half-life than endogenous atrial natriuretic peptide, giving them important drug-like properties," stated Carl Spana, Ph.D., President and CEO of Palatin.

The issued patents have a twenty-year term that will not expire until March 2027.

About Palatin Technologies

Palatin 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 http://www.palatin.com.

Forward-looking Statements

Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc. such as statements about potential clinical utility of synthetic mimetics of the neuropeptide hormone atrial natriuretic peptide, whether the subject patents will adequately protect against competition, the future status of pending and planned patent applications, potential clinical trial results, potential actions by regulatory agencies including the U.S. Food and Drug Administration (FDA), regulatory plans, development programs, proposed indications for synthetic natriuretic peptide receptor-A agonist product candidates and market potential for synthetic natriuretic peptide receptor-A agonist 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 forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of nonclinical, preclinical and toxicology studies, result of clinical trials, regulatory actions by the FDA and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

SOURCE Palatin Technologies, Inc.