Palatin Technologies to Receive $5 Million from AstraZeneca
September 29 2009 - 6:30AM
PR Newswire (US)
CRANBURY, N.J., Sept. 29 /PRNewswire-FirstCall/ -- Palatin
Technologies, Inc. (NYSE Amex: PTN) today announced that it will
receive $5 million from AstraZeneca relating to an amendment of its
ongoing exclusive research collaboration and license agreement to
discover, develop and commercialize compounds that target
melanocortin receptors for treatment of obesity and related
indications. Under the terms of the amendment to the parties'
collaboration agreement, AstraZeneca has agreed to make a $2.5
million payment upon signing and, subject to completion of certain
tasks relating to the program, $2.5 million in the first quarter of
calendar year 2010. Under the amendment, the terms of the original
collaboration and license agreement signed in January 2007 relating
to milestone payments and royalty rates were restructured. Palatin
has completed an exploratory clinical study with a melanocortin
receptor compound and has also agreed to conduct additional
clinical studies under a clinical trial sponsored research
agreement to be funded by AstraZeneca. "We appreciate the efforts
and dedication of our colleagues at AstraZeneca as we work together
to advance the program and are enthusiastic about the promise of
compounds that target melanocortin receptors for treatment of
obesity and related indications," stated Carl Spana, Ph.D.,
President and CEO of Palatin. Researchers at Palatin and
AstraZeneca are continuing to complete selection of a lead drug
candidate for further commercial development. Under the agreement,
AstraZeneca is responsible for product commercialization as well as
product discovery and development costs. 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/. About AstraZeneca AstraZeneca is a major
international healthcare business engaged in the research,
development, manufacturing and marketing of meaningful prescription
medicines and supplier for healthcare services. AstraZeneca is one
of the world's leading pharmaceutical companies with healthcare
sales of US $31.6 billion and is a leader in gastrointestinal,
cardiovascular, neuroscience, respiratory, oncology and infectious
disease medicines. For more information about AstraZeneca, please
visit: http://www.astrazeneca.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. DATASOURCE:
Palatin Technologies, Inc. CONTACT: Investor Inquiries: Stephen T.
Wills, CPA, MST, EVP-Operations / Chief Financial Officer of
Palatin Technologies, +1-609-495-2200, ; or Media Inquiries: Susan
Neath of Burns McClellan, +1-212-213-0006, , for Palatin
Technologies Web Site: http://www.palatin.com/
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