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Palatin Technologies Inc.
4-C Cedar Brook Drive
Cedar Brook Corporate Center
Cranbury, NJ 08512
United States - Map
Phone: 609-495-2200
Fax: 609-495-2201
Web Site: http://www.palatin.com

DETAILS  
Index Membership: N/A
Sector: Healthcare
Industry: Diagnostic Substances
Full Time Employees: 46


BUSINESS SUMMARY  
Palatin Technologies, Inc., a biopharmaceutical company, engages in the discovery and development of peptide, peptide mimetic, and small molecule agonist compounds with a focus on melanocortin (MC) and natriuretic peptide receptor systems in the United States. The company's products in development include PL-3994, a peptidomimetic natriuretic peptide receptor A agonist, for treatment of heart failure, including chronic heart failure and acute heart failure, as well as for the treatment of difficult-to-control hypertension, including dialysis patients with hypertension; Bremelanotide, a peptide melanocortin receptor agonist, for prevention of organ damage secondary to cardiac surgery and related indications; and PL-6983, a peptide melanocortin receptor agonists, for treatment of female sexual dysfunction. Its products in development also comprise melanocortin receptor-based compounds for treatment of obesity and related metabolic syndrome; and NeutroSpec, a radiolabeled monoclonal antibody product for imaging and diagnosing infection. Palatin Technologies has a licensing and research collaboration agreement with AstraZeneca AB to discover, develop, and commercialize compounds that target melanocortin receptors for the treatment of obesity, diabetes, and related metabolic syndrome. The company was founded in 1986 and is based in Cranbury, New Jersey.

Nice move North with a surge in volume...
Let's see if this Golden Cross will do the trick.


52wk Range: 0.06 - 1.05
Volume: 3,807,416
Avg Vol (3m): 438,836

Technicals
Most Actives
Percentage Gainer

Last Price Quote is:
86.65%above 13-day MA
125.17%above 50-day MA
RS Rating: 97 

Fundamentals
Key Data:
Market Cap (M): N/A 
P/E Ratio: N/A 
PEG Ratio: N/A 
Next Earnings: 09/29/2009
Last Analyst Rating: Buy

CRANBURY, N.J., May 15, 2009 /PRNewswire-FirstCall via COMTEX/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) announced today results for its third quarter ended March 31, 2009. Palatin reported net income of $0.1 million, or $0.00 per basic and diluted share, for the quarter ended March 31, 2009, compared to a net loss of $5.1 million, or $0.06 per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended March 31, 2009 were $5.2 million, compared to $0.7 million for the same period in 2008.

The net income for the quarter ended March 31, 2009 versus the net loss for the quarter ended March 31, 2008 was primarily attributable to revenue related to our license and clinical trial collaboration agreements with AstraZeneca AB (AZN, Trade).

As of March 31, 2009, Palatin had cash, cash equivalents and available-for-sale investments totaling $11.0 million, compared to $12.8 million at June 30, 2008.

REVENUE

For the quarter ended March 31, 2009, Palatin recognized $5.2 million of revenue under its collaboration agreements with AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.7 million of from AstraZeneca.

COSTS AND EXPENSES

Total operating expenses for the quarter ended March 31, 2009 were $5.1 million versus $6.0 million for the comparable quarter of 2008. The net decrease in operating expenses was primarily due to the strategic restructuring and refocusing of our clinical-stage product portfolio development programs offset by increases to clinical costs associated with our collaboration agreements with AstraZeneca.

Palatin Technologies' management will discuss the third quarter financial results for the fiscal year ending June 30, 2009 and provide an update on corporate developments during a conference call and webcast on May 15, 2009 at 11:00 a.m. ET.

Conference Call / Webcast

Palatin will host a conference call and webcast on May 15, 2009 at 11:00 a.m. Eastern Time to discuss its third quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 888-811-5421 (domestic) or 913-312-0668 (international), passcode 9642372. 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 9642372. The webcast and telephone replay will be available through May 22, 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) 
                              Three Months Ended        Nine Months Ended 
                                   March 31,                March 31, 
                               2009         2008        2009         2008 
    REVENUES: 
         Licenses and 
          contracts         $5,159,453    $746,957   $7,124,704  $10,467,523 
    OPERATING EXPENSES: 
         Research and 
          development        3,813,878   4,561,047   10,311,328   16,296,268 
         General and 
          Administrative     1,273,365   1,480,167    3,881,688    5,468,229 
             Total operating 
              Expenses       5,087,243   6,041,214   14,193,016   21,764,497 
    Income/(loss) from 
     operations                 72,210  (5,294,257)  (7,068,312) (11,296,974) 
    OTHER INCOME (EXPENSE): 
         Investment income      34,966     197,199      195,182      908,290 
         Interest expense       (8,998)    (14,136)     (21,016)     (44,834) 
         Gain on sale of 
          equipment                  -           -      550,968            - 
             Total other 
              income, net       25,968     183,063      725,134      863,456 
    Income/(loss) before 
     income taxes               98,178  (5,111,194)  (6,343,178) (10,433,518) 
    Income tax benefit               -           -    1,741,476    1,291,444 
    NET INCOME/(LOSS)          $98,178 $(5,111,194) $(4,601,702) $(9,142,074) 
    Basic net income/(loss) 
     per common share            $0.00      $(0.06)      $(0.05)      $(0.11) 
    Diluted net income/(loss) 
     per common share            $0.00      $(0.06)      $(0.05)      $(0.11) 
    Weighted average number 
     of common shares 
     outstanding used in 
     computing basic net 
     income/(loss) per 
     common share           86,662,901  85,204,169   86,273,130   85,195,179 
    Weighted average number 
     of common shares 
     outstanding used in 
     computing diluted net 
     income/(loss) per 
     common share           88,387,901  85,204,169   86,273,130   85,195,179 

 
                            PALATIN TECHNOLOGIES, INC. 
                          Consolidated Balance Sheet Data 
                                                 March 31,      June 30, 
                                                   2009           2008 
    ASSETS 
    Current assets: 
      Cash and cash equivalents                 $7,569,569    $9,421,770 
      Available-for-sale investments             3,407,101     3,352,771 
      Accounts receivable                          586,811         5,747 
      Prepaid expenses and other current 
       assets                                      628,553       484,362 
          Total current assets                  12,192,034    13,264,650 
    Property and equipment, net                  4,013,934     5,128,076 
    Restricted cash                                475,000       475,000 
    Other assets                                   252,796       257,198 
          Total assets                         $16,933,764   $19,124,924 
    LIABILITIES AND STOCKHOLDERS' 
     EQUITY 
    Current liabilities: 
      Capital lease obligations, current 
       portion                                    $141,808      $263,128 
      Accounts payable                             198,344       635,183 
      Accrued expenses                           1,990,462     1,666,628 
      Accrued compensation                               -       767,509 
      Deferred revenue, current portion          5,500,001     1,666,669 
          Total current liabilities              7,830,615     4,999,117 
    Capital lease obligations, net of 
     current portion                                38,563       121,629 
    Deferred rent, net of current 
     portion                                     1,183,340     1,479,794 
    Deferred revenue, net of current 
     portion                                     4,722,218     5,972,220 
          Total liabilities                     13,774,736    12,572,760 
    Stockholders' equity: 
      Preferred stock of $.01 par value - 
       authorized 10,000,000 shares; 
       Series A Convertible; issued and 
       outstanding 4,997 shares as of 
       March 31, 2009 and June 30, 2008                50            50 
      Common stock of $.01 par value - 
       authorized 150,000,000 shares; 
       issued and outstanding 86,662,901 
       and 85,524,077 shares as of March 
       31, 2009 and June 30, 2008, 
       respectively                                866,629       855,241 
      Additional paid-in capital               209,389,927   208,247,194 
      Accumulated other comprehensive 
       income                                       83,562        29,117 
      Accumulated deficit                     (207,181,140) (202,579,438) 
         Total stockholders' equity              3,159,028     6,552,164 
         Total liabilities and stockholders' 
          equity                               $16,933,764   $19,124,924 

SOURCE Palatin Technologies, Inc.



http://www.palatin.com 

Copyright (C) 2009 PR Newswire. All rights reserved

CRANBURY, N.J., Sept 27, 2010 /PRNewswire via COMTEX/ -- Palatin Technologies, Inc. (PTN), a biopharmaceutical company dedicated to the development of peptide, peptide mimetic and small molecule agonist compounds with a focus on melanocortin and natriuretic peptide receptor systems, today announced results for its fourth quarter and fiscal year ended June 30, 2010. All share and per share amounts are presented on a post-reverse-split basis, giving effect to the 1-for-10 reverse stock split announced on September 24, 2010.

Palatin's net loss for the year ended June 30, 2010 was $1.8 million, or $(0.18) per basic and diluted share, compared to a net loss of $4.8 million, or $(0.56) per basic and diluted share, for the year ended June 30, 2009.

Palatin reported a net loss of $4.2 million, or $(0.40) per basic and diluted share, for the quarter ended June 30, 2010, compared to a net loss of $0.2 million, or $(0.02) per basic and diluted share, for the same period in 2009.

The change in net losses for the year and quarter ended June 30, 2010 compared to the net loses for the year and quarter ended June 30, 2009 was primarily attributable to the varying amount of revenue recognized under Palatin's license and clinical trial agreements with AstraZeneca AB in the respective periods.

REVENUE

For the year ended June 30, 2010, total revenues were $14.2 million, compared to $11.4 million for year ended June 30, 2009. Total revenues in the quarter ended June 30, 2010 were $0.7 million, compared to $4.2 million for the same period in 2009.

COSTS AND EXPENSES

For the year ended June 30, 2010, total operating expenses were $17.2 million compared to $18.7 million for the year ended June 30, 2009. The decrease is primarily related to management's refinement of operations and expense control. For the quarter ended June 30, 2010, total operating expenses were $4.9 million versus $4.5 million for the comparable quarter of 2009. The net increases in operating expenses for the quarter was primarily due to expenses related to Palatin's clinical-stage development programs.

CASH POSITION/GOING CONCERN

Palatin's cash, cash equivalents and investments were $8.9 million as of June 30, 2010, compared to $7.8 million at June 30, 2009. Palatin's audited financial statements for the year ended June 30, 2010, included in the Company's Annual Report on Form 10-K to be filed September 27, 2010, includes an audit opinion from its independent registered public accounting firm, KPMG LLP, that contains a going concern explanatory paragraph.

CONFERENCE CALL / WEBCAST

Palatin will host a conference call and webcast on September 27, 2010 at 10:00 a.m. Eastern Time to discuss the previously announced realignment of its workforce and operations to reflect a strategic reassessment of research and development activities and corporate objectives and the fourth quarter of fiscal year 2010 financial results. Individuals interested in listening to the conference call live can dial 800-753-0343 (domestic) or 913-312-1376 (international), passcode 4114932. 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 4114932. The webcast and telephone replay will be available through October 4, 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.

SOURCE  Palatin Technologies, Inc.



Palatin Technologies, Inc. Comm(AMEX: PTN)
Real Time: 1.47  1.29 (716.67%) 2:09PM EDT

Last Trade: 1.4499
Trade Time: 3:59PM EDT
Change:  1.2699 (705.50%)
Prev Close: 0.18
Open: 1.40
Bid: 1.41 x 700
Ask: 1.45 x 1000
1y Target Est: N/A
Day's Range: 1.26 - 1.66
52wk Range: 0.16 - 1.66
Volume: 437,660
Avg Vol (3m): 598,783
Market Cap: 155.18M
P/E (ttm): 75.26
EPS (ttm): 0.02


Technicals
Record Price High
Record Price Break Out
Percentage Gainer

Last Price Quote is:
675.78%above 13-day MA
640.25%above 50-day MA
RS Rating: 99