Palatin Technologies, Inc. (NYSE Amex: PTN) today announced results
for its fourth quarter and fiscal year ended June 30, 2009. For the
year ended June 30, 2009, total revenues were $11.4 million,
compared to $11.5 million for year ended June 30, 2008. Palatin's
net loss for the year ended June 30, 2009 was $4.8 million, or
$(0.06) per basic and diluted share, compared to a net loss of
$14.4 million, or $(0.17) per basic and diluted share, for the year
ended June 30, 2008. Palatin reported a net loss of $0.2 million,
or $(0.00) per basic and diluted share, for the quarter ended June
30, 2009, compared to a net loss of $5.2 million, or $(0.06) per
basic and diluted share, for the same period in 2008. Total
revenues in the quarter ended June 30, 2009 were $4.2 million,
compared to $1.0 million for the same period in 2008. The decreases
in net loss for the year and quarter ended June 30, 2009, versus
the year and quarter ended June 30, 2008, were primarily due to a
net decrease in operating expenses resulting from strategic
restructuring and refocusing of Palatin's clinical-stage
development programs and, for the quarter ended June 30, 2009, an
increase in revenue earned under Palatin's license and clinical
trial collaboration agreements with AstraZeneca AB (AstraZeneca).
FISCAL YEAR 2009 HIGHLIGHTS Significant developments in Palatin's
business since June 30, 2008, include the following: -- Advances in
Palatin's product portfolio in sexual dysfunction, obesity and
cardiovascular fields: -- Evaluated the blood pressure effects of
subcutaneously administered bremelanotide in a Phase 1 clinical
study. No statistically significant difference in mean changes in
blood pressure was seen in subjects receiving bremelanotide
compared to placebo. -- Scheduled a meeting with the Food and Drug
Administration to discuss initiation of a Phase 2B clinical trial
of subcutaneously administered bremelanotide in erectile
dysfunction patients non-responsive to phosphodiesterase-5
inhibitors, the current standard therapy for erectile dysfunction.
-- Reported on two human clinical trials of PL-3994, Palatin's drug
under development for the treatment of heart failure. A Phase 1
study in healthy volunteers was presented at the Heart Failure
Society of America Meeting in Toronto in September 2008 and a Phase
2A study in patients with controlled hypertension will be presented
at the September 2009 Heart Failure Society of America Meeting. --
Conducted a proof-of-principle clinical study on the effects of a
melanocortin receptor-specific compound on food intake, obesity and
other metabolic parameters pursuant to a clinical trial sponsored
research agreement with AstraZeneca. -- Amended and extended
agreements with AstraZeneca, including entering into a clinical
trial sponsored research agreement. In addition to reimbursement of
Palatin's activities at an agreed full-time equivalent rate, during
the fiscal year ended June 30, 2009 Palatin received payments of
$6.6 million from AstraZeneca, $5.7 million of which was recognized
as revenue during the fiscal year. -- Raised approximately $2.8
million in net proceeds of a registered direct offering, after
deducting placement agent fees and other offering expenses, in
August 2009, subsequent to fiscal year end. REVENUE For the quarter
ended June 30, 2009, Palatin recognized $4.2 million of revenue
under its agreements with AstraZeneca. In the comparable quarter of
2008, Palatin recognized $0.8 million of revenue from AstraZeneca.
Revenue for the year ended June 30, 2009 was $11.4 million,
compared to $11.5 million for the prior year. COSTS AND EXPENSES
Total operating expenses for the quarter ended June 30, 2009 were
$4.5 million compared to $6.4 million for the comparable quarter of
2008. For the year ended June 30, 2009, total operating expenses
were $18.7 million, compared to $28.1 million for the prior year.
The net decreases in operating expenses for the quarter and year
just ended were primarily due to strategic restructuring and
refocusing of Palatin's clinical-stage development programs,
partially offset by increases for clinical costs associated with
Palatin's agreements with AstraZeneca. CASH POSITION Palatin's
cash, cash equivalents and investments totaled $7.8 million as of
June 30, 2009, compared to $12.8 million at June 30, 2008.
Subsequent to the fiscal year end, Palatin received $2.8 million in
net proceeds from the August 2009 offering. Conference Call /
Webcast Palatin will host a conference call and webcast on
September 8, 2009 at 11:00 a.m. Eastern Time to discuss its fourth
quarter of fiscal year 2009 financial results. Individuals
interested in listening to the conference call live can dial
800-776-0816 (domestic) or 913-312-0854 (international), passcode
1405577. 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 1405577. The webcast and
telephone replay will be available through September 15, 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
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. PALATIN TECHNOLOGIES,
INC. Consolidated Statement of Operations Data (unaudited) Year
Ended June 30, Quarter Ended June 30, 2009 2008 2009 2008 REVENUES
$11,351,774 $11,483,287 $4,227,070 $1,015,764 OPERATING EXPENSES:
Research and development 13,356,751 21,187,762 3,045,423 4,891,494
General and administrative 5,296,859 6,928,295 1,415,171 1,460,066
Total operating expenses 18,653,610 28,116,057 4,460,594 6,351,560
Loss from operations (7,301,836) (16,632,770) (233,524) (5,335,796)
OTHER INCOME (EXPENSE): Investment income 233,319 1,030,452 38,137
122,162 Interest expense (26,159) (73,495) (5,143) (28,661) Gain on
sale of property and equipment 550,968 - - - Total other income,
net 758,128 956,957 32,994 93,501 Loss before income taxes
(6,543,708) (15,675,813) (200,530) (5,242,295) Income tax benefit
1,741,476 1,291,444 - - NET LOSS $(4,802,232) $(14,384,369)
$(200,530) $(5,242,295) Basic and diluted net loss per common share
$(0.06) $(0.17) $(0.00) $(0.06) Weighted average number of common
shares outstanding used in computing basic and diluted net loss per
common share 86,370,306 85,220,575 86,662,901 85,297,321 PALATIN
TECHNOLOGIES, INC. Consolidated Balance Sheet Data (unaudited) June
30, 2009 June 30, 2008 ASSETS Current assets: Cash and cash
equivalents $4,378,662 $9,421,770 Available-for-sale investments
3,439,650 3,352,771 Accounts receivable 508,528 5,747 Prepaid
expenses and other current assets 492,824 484,362 Total current
assets 8,819,664 13,264,650 Property and equipment, net 3,650,783
5,128,076 Restricted cash 475,000 475,000 Other assets 254,364
257,198 Total assets $13,199,811 $19,124,924 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Capital lease
obligations, current portion $87,675 $263,128 Accounts payable
206,363 635,183 Accrued expenses 1,420,741 1,666,628 Accrued
compensation - 767,509 Deferred revenue, current portion 2,650,002
1,666,669 Total current liabilities 4,364,781 4,999,117 Capital
lease obligations, net of current portion 33,954 121,629 Deferred
rent, net of current portion 1,182,026 1,479,794 Deferred revenue,
net of current portion 4,305,551 5,972,220 Total liabilities
9,886,312 12,572,760 Stockholders' equity: Preferred stock of $0.01
par value - authorized 10,000,000 shares; Series A Convertible;
issued and outstanding 4,997 shares as of June 30, 2009 and 2008,
respectively 50 50 Common stock of $0.01 par value - authorized
150,000,000 shares; issued and outstanding 86,662,901 and
85,524,077 shares as of June 30, 2009 and 2008, respectively
866,629 855,241 Additional paid-in capital 209,712,379 208,247,194
Accumulated other comprehensive income 116,111 29,117 Accumulated
deficit (207,381,670) (202,579,438) Total stockholders' equity
3,313,499 6,552,164 Total liabilities and stockholders' equity
$13,199,811 $19,124,924 DATASOURCE: Palatin Technologies, Inc.
CONTACT: Investor Inquiries: Stephen T. Wills, CPA, MST,
EVP-Operations / Chief Financial Officer, Palatin Technologies,
+1-609-495-2200, ; Media Inquiries: Susan Neath, Vice President,
Investor Relations, Burns McClellan, +1-212-213-0006, Web Site:
http://www.palatin.com/
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