Company Overview of Palatin Technologies Inc.
Palatin Technologies, Inc., a biopharmaceutical company, develops peptide therapeutics for the treatment of various diseases in the United States. The company’s clinical development product is Bremelanotide, a peptide melanocortin receptor agonist that is in Phase 3 clinical trials for the treatment of female sexual dysfunction (FSD). Its drug development programs include Melanocortin receptor-1 agonist peptides for the treatment of inflammatory and dermatologic disease indications; Melanocortin receptor-4 peptide agonists, which is in preclinical trials for the treatment of erectile dysfunction; PL-3994, a natriuretic peptide receptor-A agonist that is in Phase 2 clinical trials for the tre...
4B Cedar Brook Drive
Cranbury, NJ 08512
Founded in 1986
Key Executives for Palatin Technologies Inc.
Co-Founder, Chief Executive Officer, President and Director
Total Annual Compensation: $462.5K
Chief Financial Officer, Chief Operating Officer, Executive Vice President, Treasurer and Secretary
Total Annual Compensation: $422.5K
Compensation as of Fiscal Year 2015.
Palatin Technologies Inc. Key Developments
Palatin Announces Encouraging Preclinical Data from Heart Failure Trial
Oct 1 15
Palatin Technologies Inc. has announced preclinical data from a trial in conditional cardiomyocyte-restricted Corin KO mice, which demonstrated enhanced cardiac hypertrophy and pro-fibrotic gene activation in response to TAC and PL-3994, a novel selective GC-A receptor peptide agonist rescues the phenotype, for the treatment of heart failure. PL-3994 is a synthetic natriuretic peptide receptor-A agonist developed by Palatin for treatment of heart failure and other indications. The research work was done at Temple University School of Medicine in Philadelphia under the direction of Daniel L. Dries, M.D., and investigated the role of cardiomyocytes, corin and cardiac natriuretic peptide signaling in heart failure and the potential of treatment with PL-3994. The data presented demonstrated that corin and cardiac natriuretic peptides play an important role in regulating cardiac hypertrophy and fibrosis, and that treatment with PL-3994 significantly reduced cardiac hypertrophy and pro-fibrotic and inflammatory gene activation. Corin is a protease which processes natriuretic peptides from their inactive form to their active form. The poster presented data utilizing a cardiomyocyte conditional corin knock-out mouse model developed in Dr. Dries' laboratory. The research work was conducted as part of sponsored research agreement between Temple University School of Medicine and Palatin Technologies. PL-3994, which has undergone Phase I and Phase IIA safety trials, is under development by Palatin for heart failure indications. Contingent on adequate available funds, a multiple ascending dose Phase II study in patients with heart failure, including patients with corin loss-of-function mutations, is planned for 2016 to evaluate safety, symptom relief and pharmacokinetic and pharmacodynamic endpoints.
Palatin Technologies Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended June 30, 2015
Sep 21 15
Palatin Technologies Inc. announced consolidated earnings results for the fourth quarter and year ended June 30, 2015. The company posted a fourth quarter net loss of $12.1 million, or $0.09 loss per share, compared with the prior-year period's $4.3 million, or $0.04 loss per share. The company attributed the year over year increase in quarterly loss to an increase in operating expenses primarily related to bremelanotide for FSD Phase 3 development program. Palatin did not record revenues for the quarter, as well as in the prior-year quarter.
For the year ended June 30, 2015, Palatin reported a net loss of $17.7 million, or $0.15 per basic and diluted share compared to a net loss of $13.9 million, or $0.13 per basic and diluted share for the year ended June 30, 2014. The increase in net loss for the year ended June 30, 2015, compared to the net loss for the year ended June 30, 2014 was mainly attributable to the development costs for the initiation and progression of the Phase 3 clinical trials of bremelanotide for FSD. For the year ended June 30, 2015, Palatin recognized $12.9 million of license and contract revenue under the agreement with Gedeon Richter. There were no revenues recorded in the quarter ended June 30, 2015 or in the year ended June 30, 2014. Loss from operations was $17,286,157 against $15,787,652 a year ago. Loss before income taxes was $18,197,071 against $15,774,940 a year ago.
Palatin Technologies and Richter Terminate License Agreement for Bremelanotide for Female Sexual Dysfunction
Sep 21 15
Palatin Technologies Inc. announced that the company and Gedeon Richter (Richter) mutually and amicably agreed to terminate the license and collaboration agreement for bremelanotide for the treatment of female sexual dysfunction (FSD). All rights and licenses granted to Richter have terminated and reverted back to Palatin. There are no payment or reimbursement obligations as a result of the license agreement termination. Palatin entered into the license agreement with Richter in August 2014 to co-develop and commercialize bremelanotide for FSD in the European Union, other European countries and additional selected countries.
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