CRANBURY, N.J., Nov. 15, 2011 /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 first quarter ended September 30, 2011. Palatin reported a net loss of $3.4 million, or $(0.10) per basic and diluted share, for the quarter ended September 30, 2011, compared to a net loss of $4.6 million, or $(0.39) per basic and diluted share, for the same period in 2010.
The decrease in net loss for the quarter ended September 30, 2011, compared to the same period last fiscal year, is the result of Palatin's previously announced strategic decision to reduce staffing levels and to focus resources and efforts on clinical trials of bremelanotide and preclinical development of an inhaled formula of PL-3994 and a new peptide drug candidate for sexual dysfunction. The decrease in net loss per share was also significantly impacted by the higher number of shares outstanding in the quarter ended September 30, 2011 compared to the same period last fiscal year due primarily to the sale of shares of stock in March 2011.
REVENUE
Revenues for the quarter ended September 30, 2011 were $27,000, compared to $216,000 for the same period in 2010, reflecting the decrease in revenue recognized under Palatin's agreements with AstraZeneca AB.
COSTS AND EXPENSES
Total operating expenses for the quarter ended September 30, 2011 were $3.4 million, compared to $4.8 million for the comparable quarter of 2010. The decrease in operating expenses for the quarter is the result of Palatin's previously announced strategic decision to reduce staffing levels and to focus resources and efforts on clinical trials of bremelanotide and PL-3994 and preclinical development of an inhaled formula of PL-3994 and a new peptide drug candidate for sexual dysfunction.
CASH POSITION
Palatin's cash and cash equivalents were $14.9 million as of September 30, 2011, compared to $18.9 million at June 30, 2011, with current liabilities of $1.7 million as of September 30, 2011 compared to $2.8 million as of June 30, 2011.
Palatin believes, based on its current operating plan, that its cash and cash equivalents 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 November 15, 2011 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 1-888-256-1007 (domestic) or 1-913-312-1466 (international), pass code 3249586. 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 3249586. The webcast and telephone replay will be available through November 22, 2011.
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.
