CRANBURY, N.J., Feb. 15, 2012 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: 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 second quarter ended December 31, 2011. Palatin reported a net loss of $2.6 million, or $(0.08) per basic and diluted share, for the quarter ended December 31, 2011, compared to a net loss of $1.1 million, or $(0.09) per basic and diluted share, for the same period in 2010.
The increase in net loss for the quarter ended December 31, 2011, compared to the same period last fiscal year, is attributable to costs related to Palatin's ongoing Phase 2B clinical trial with bremelanotide for Female Sexual Dysfunction (FSD) and a decrease in grant and contract revenue.
Revenues for the quarter ended December 31, 2011 were $11,492, which consisted of contract revenue pursuant to its collaboration agreement with AstraZeneca. For the quarter ended December 31, 2010, Palatin recognized revenue of $1.0 million, consisting of $846,768 in grant revenue received under the Patient Protection and Affordable Care Act of 2010 and $195,408 in contract revenue under its collaboration agreement with AstraZeneca.
COSTS AND EXPENSES
Total operating expenses for the quarter ended December 31, 2011 were $3.7 million compared to $2.9 million for the comparable quarter of 2010. The increase in operating expenses for the quarter was primarily due to costs related to Palatin's ongoing Phase 2B clinical trial with bremelanotide for FSD.
Palatin's cash and cash equivalents as of December 31, 2011 were $11.9 million, with $1.1 million in accounts receivable due from the sale of Palatin's New Jersey state net operating loss carryforwards, and current liabilities of $2.2 million. Cash and cash equivalents as of June 30, 2011 were $18.9 million with current liabilities of $2.8 million.
Palatin believes, based on its current operating plan, that its cash and cash equivalents and accounts receivable at December 31, 2011, will be sufficient to fund its operations through at least calendar year 2012.
CONFERENCE CALL / WEBCAST
Palatin will host a conference call and webcast on February 15, 2012 at 11:00 a.m. Eastern time to discuss the results of operations in greater detail and an update on corporate developments. Individuals interested in listening to the conference call live can dial 1-888-245-0988 (domestic) or 1-913-312-1516 (international) pass code 1656442. The 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 1-888-203-1112 (domestic) or 1-719-457-0820 (international), pass code 1656442. The webcast and telephone replay will be available through February 22, 2012.
About Palatin Technologies, Inc.
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.