Palatin Technologies, Inc. a specialized biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems for the treatment of diseases with significant unmet medical need and commercial potential
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CRANBURY, N.J., Sept. 13, 2018 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN), a specialized biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems 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, 2018. "The last year has been very productive for Palatin, most notably the acceptance of the Vyleesi™ (bremelanotide) NDA by the FDA," said Carl Spana, Ph.D., CEO and President of Palatin. "Going forward, the first quarter of calendar year 2019 could bring FDA approval for Vylessi - a significant milestone and major inflection point for Palatin, its employees, its shareholders, and most importantly, the thousands of premenopausal women seeking treatment for HSDD in the U.S." 2018 Highlights and Recent Events Vyleesi (bremelanotide)
PL-8177 / PL-8331
Corporate
Fourth Quarter and Fiscal 2018 Financial Results The difference between the three months ended June 30, 2018 and 2017 was primarily attributable to the recognition of contract revenue pursuant to our license agreement with AMAG of $20.6 million for the quarter ended June 30, 2018 compared to $33.9 million in 2017. For the fiscal year ended June 30, 2018, Palatin reported net income of $24.7 million, or $0.12 per basic and diluted share compared to a net loss of $(13.3) million, or $(0.07) per basic and diluted share for the year ended June 30, 2017. The difference in net income for the year ended June 30, 2018, and the net loss for the year ended June 30, 2017, was primarily attributable to the recognition of $67.1 million in license and contract revenue for the year ended June 30, 2018 compared to $44.7 million for the year ended June 30, 2017, and secondarily to a $14.1 million decrease in operating expenses to $41.2 million for the year ended June 30, 2018 compared to $55.3 million for the year ended June 30, 2017. Revenue For the quarter and year ended June 30, 2017, Palatin recognized $33.9 million and $44.7 million, respectively, in contract revenue related to our license agreement with AMAG. Operating Expenses The decrease in operating expenses was mainly attributable to the completion of Phase 3 clinical trials and less other development of Vyleesi for HSDD. Other Income/Expense Income Tax Income tax expense for the year ended June 30, 2018 relates to $0.6 million in tax withholding requirements related to our Fosun and Kwangdong license agreements that was recorded as an expense during the fiscal year ended June 30, 2018 offset by a tax benefit of $0.5 million related to the release of a valuation allowance against Palatin's federal alternative minimum tax credit as a result of the Tax Cuts and Jobs Act signed in December 2017. Accordingly, $0.5 million is included in other long-term assets at June 30, 2018. Cash Position Palatin believes that existing capital resources will be sufficient to fund our planned operations through at least September 30, 2019. Palatin Drug Discovery Programs Conference Call / Webcast About Palatin Technologies, Inc. Forward-looking Statements Vyleesi™ is a trademark of AMAG Pharmaceuticals, Inc. in North America and of Palatin Technologies, Inc. elsewhere in the world.
(Financial Statement Data Follows)
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Statements of Operations
Year Ended June 30,
2018 2017 2016
REVENUES
License and contract $67,134,758 $44,723,827
$ -
OPERATING EXPENSES
Research and development 32,566,217 45,683,174 43,071,051
General and administrative 8,641,976 9,610,147 6,179,084
Total operating expenses 41,208,193 55,293,321 49,250,135
Income (loss) from operations 25,926,565 (10,569,494) (49,250,135)
OTHER INCOME (EXPENSE)
Investment income 310,663 26,270 50,226
Interest expense (1,452,014) (2,288,309) (2,513,027)
Total other expense, net (1,141,351) (2,262,039) (2,462,801)
Income (loss) before income taxes 24,785,214 (12,831,533) (51,712,936)
Income tax expense (82,500) (500,000)
NET INCOME (LOSS) $24,702,714 $(13,331,533) $(51,712,936)
Basic net income (loss) per common share $0.12 $(0.07) $(0.33)
Diluted net income (loss) income per common share $0.12 $(0.07) $(0.33)
Weighted average number of common shares outstanding used in computing basic net income (loss)
per common share 198,101,060 184,087,719 156,553,534
Weighted average number of common shares outstanding used in computing diluted income (loss)
income per common share 207,007,558 184,087,719 156,553,534
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Balance Sheets
June 30, 2018
June 30, 2017
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ASSETS
Current assets:
Cash and cash equivalents $38,000,171 $40,200,324
Available-for-sale investments - 249,837
Accounts receivable - 15,116,822
Prepaid expenses and other current assets 513,688 1,011,221
Total current assets 38,513,859 56,578,204
Property and equipment, net 164,035 198,153
Other assets 338,916 56,916
Total assets $39,016,810 $56,833,273
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $2,223,693 $1,551,367
Accrued expenses 2,103,021 10,521,098
Notes payable, net of discount 5,948,763 7,824,935
Capital lease obligations - 14,324
Deferred revenue - 35,050,572
Other current liabilities 487,488 -
Total current liabilities 10,762,965 54,962,296
Notes payable, net of discount 332,898 6,281,660
Deferred revenue 500,000 -
Other non-current liabilities 456,038 753,961
Total liabilities 12,051,901 61,997,917
Stockholders' equity (deficiency):
Preferred stock of $0.01 par value - authorized 10,000,000 shares:
Series A Convertible: issued and outstanding 4,030 shares as of 40 40
June 30, 2018 and June 30, 2017
Common stock of $0.01 par value - authorized 300,000,000 shares;
issued and outstanding 200,554,205 shares as of June 30, 2018 and 2,005,542 1,605,153
160,515,361 as of June 30, 2017
Additional paid-in capital 357,005,233 349,974,538
Accumulated other comprehensive loss - (590)
Accumulated deficit (332,045,906) (356,743,785)
Total stockholders' equity (deficiency) 26,964,909 (5,164,644)
Total liabilities and stockholders' equity (deficiency) $39,016,810 $56,833,273
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Company Codes: AMEX:PTN, NASDAQ-NMS:AMAG |
