CRANBURY, N.J., Feb. 17 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. announced today results for its second quarter ended December 31, 2008. Palatin reported a net loss of $0.4 million, or $0.00 per basic and diluted share, for the quarter ended December 31, 2008, compared to a net loss of $3.8 million, or $0.04 per basic and diluted share, for the same period in 2007. Total revenues in the quarter ended December 31, 2008 were $1.2 million, compared to $0.7 million for the same period in 2007.
The decrease in the net loss for the quarter ended December 31, 2008 versus the quarter ended December 31, 2007 was primarily attributable to a decrease in both research and development and general and administrative operating expenses.
As of December 31, 2008, the Company had cash, cash equivalents and available-for-sale investments totaling $6.3 million compared to $12.8 million at June 30, 2008. In addition, the Company had $4.9 million in accounts receivable as of December 31, 2008, which has been received.
REVENUE
For the quarter ended December 31, 2008, Palatin recognized $1.2 million of contract revenue under its collaboration agreement with AstraZeneca AB, compared to $0.7 million for the same quarter of 2007. In addition, the Company recognized approximately $0.6 million in Other Income for the quarter ended December 31, 2008, which consisted mainly of proceeds of $0.5 million from the sale of previously expensed equipment and supplies; there was no such activity for the quarter ended December 31, 2007.
COSTS AND EXPENSES
Total operating expenses for the quarter ended December 31, 2008 were $4.0 million versus $6.1 million for the comparable quarter of 2007. The decrease in operating expenses was primarily due to the strategic restructuring and refocusing of our clinical-stage product portfolio development programs. Additionally, there was a $1.2 million decrease in general and administrative expenses primarily related to the reductions in workforce initiated in September 2007 and May 2008.
Palatin Technologies’ management will discuss the second quarter financial results for the fiscal year ending June 30, 2009 and provide an update on corporate developments during a conference call and webcast on February 17, 2009 at 11:00 a.m. ET.
Conference Call / Webcast
The Company will host a conference call and webcast on February 17, 2009 at 11:00 a.m. Eastern Time to discuss its second quarter, fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 888-631-5927 (domestic) or 913-312-0661 (international), passcode 5142197. 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 888-203-1112 (domestic) or 719-457-0820 (international), passcode 5142197. The webcast and telephone replay will be available through February 24, 2009.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. 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 Technologies’ website at http://www.palatin.com.
Forward-looking Statements
Statements about future expectations of Palatin Technologies, Inc., including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, 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. Palatin’s actual results may differ materially from those discussed in the forward-looking statements for various reasons, including, but not limited to Palatin’s ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to protect its intellectual property, and other factors discussed in the 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.
CONTACT: Investor Inquiries, Stephen T. Wills, CPA, MST, EVP-Operations /
Chief Financial Officer of Palatin Technologies, Inc., +1-609-495-2200,
info@palatin.com; or Media Inquiries, Susan Kim, Burns McClellan for
Palatin Technologies, Inc., +1-212-213-0006, skim@burnsmc.com
Web site: http://www.palatin.com/
