CRANBURY, N.J., Feb. 16 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. today announced results for its second quarter ended December 31, 2009. Palatin reported net income of $4.5 million, or $0.04 per basic and diluted share, for the quarter ended December 31, 2009, compared to a net loss of $0.4 million, or $0.00 per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended December 31, 2009 were $7.3 million, compared to $1.2 million for the same period in 2008.
The increase in net income for the quarter ended December 31, 2009, compared to the same period last fiscal year, was primarily due to an increase in revenue recognized under Palatin's license and clinical trial agreements with AstraZeneca AB (AstraZeneca).
As of December 31, 2009, Palatin's cash, cash equivalents and investments totaled $7.4 million, compared to $7.8 million at June 30, 2009 and $6.3 million for the same period last year. The Company anticipates receiving $2.5 million from AstraZeneca related to the September 2009 amendment to the parties' collaboration agreement later this calendar quarter.
Revenue
For the quarter ended December 31, 2009, Palatin recognized $7.3 million of contract revenue under its license and collaboration agreement with AstraZeneca, compared to $1.2 million for the same period in 2008. Based on the September 2009 amendment, Palatin provided research services to AstraZeneca through January 2010. Accordingly, contract revenue is being recognized through the January 2010 date.
Costs and Expenses
Total operating expenses for the quarter ended December 31, 2009 were $3.8 million compared to $4.0 million for the comparable quarter of 2008.
Conference Call/Webcast
Palatin Technologies' management will discuss the second quarter financial results for the fiscal year ending June 30, 2010 and provide an update on corporate developments during a conference call and webcast on February 16, 2010 at 11:00 a.m. Eastern Time.
Individuals interested in listening to the conference call live can dial:
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 8075436. The webcast and telephone replay will be available through February 23, 2010.
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 Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating events that occur after the date of this press release.
CONTACT: Palatin Technologies Investor Inquiries: Stephen T. Wills, CPA,
MST EVP-Operations / Chief Financial Officer, +1-609-495-2200 ,
Info@palatin.com, or Palatin Technologies Media Inquiries: Carney Noensie,
Burns McClellan, Vice President, Investor Relations, +1-212-213-0006,
cnoensie@burnsmc.com
Web site: http://www.palatin.com/
