CRANBURY, N.J., June 7 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN - News) today issued a response to an announcement late yesterday by Competitive Technologies, Inc. (Amex: CTT - News; “CTT”) that CTT is demanding arbitration with Palatin for breach of the terms of its license agreement. This license agreement is for certain technology related to the treatment of sexual dysfunction.
Palatin acknowledges it has received a letter demanding arbitration from CTT for damages in excess of $500,000. The license agreement provides for binding arbitration as the remedy for dispute resolution.
Palatin disputes CTT’s assertions, including that Palatin materially breached the license agreement. Palatin asserts that there is no breach of the license agreement and views CTT’s actions as both frivolous and self-serving. Palatin intends to defend itself vigorously in the arbitration and assert all rights accorded it under the license agreement and at law, including the potential termination of the license agreement.
Palatin does not believe that this matter has any potential material impact on its strategic collaboration with King Pharmaceuticals to jointly develop and commercialize bremelanotide, the Company’s lead product candidate currently in Phase II clinical trials for both male and female sexual dysfunction, or on any of its intellectual property rights regarding bremelanotide. Bremelanotide was developed by Palatin scientists and patents on bremelanotide are owned solely by Palatin.
About Palatin Technologies
Palatin Technologies, Inc. is a biopharmaceutical company primarily engaged in the development of melanocortin-based therapeutics. The Company’s lead product candidate, bremelanotide, is currently in Phase II clinical trials for both male and female sexual dysfunction. The Company’s internal research and development capabilities, anchored by its proprietary MIDAS(TM) technology, are fueling product development. Palatin’s strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. To date, the Company has formed partnerships with Tyco Healthcare Mallinckrodt and King Pharmaceuticals. For additional information regarding Palatin, please visit Palatin Technologies’ website at http://www.palatin.com .
Forward-looking Statements
Statements about the Company’s future expectations, including statements about the Company’s development programs, proposed indications for its product candidates, its intellectual property rights and their effects on its 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. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The Company’s actual results may differ materially from those discussed in the forward- looking statements for various reasons, including, but not limited to the Company’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 recommence marketing and gain commercial acceptance of NeutroSpec®, ability to protect its intellectual property, and other factors discussed in the Company’s periodic filings with the Securities and Exchange Commission. The Company is not responsible for updating for events that occur after the date on this press release.
Source: Palatin Technologies, Inc.
