BioTech

Palatin Technologies, Inc. (NYSEMKT:PTN) Reports $10.8 Million In Q3 2017

Merrimack Pharmaceuticals Inc (NASDAQ:MACK)

Palatin Technologies, Inc. (NYSEMKT:PTN)

Palatin Technologies, Inc. (NYSEMKT:PTN) has announced their Q3 financial results ended March 31, 2017. Palatin Technologies is a biopharmaceutical company specializing in the development of receptor-specific peptide therapeutics used in the treatment of diseases with high unmet demand as well as a high commercial potential.

Palatin Technologies, Inc. (NYSEMKT:PTN) reported positive data from Phase 3 clinical trial of Hypoactive Sexual Desire Disorder (HSDD) in November 2016. It also closed the agreement with AMAG Pharmaceuticals to develop and market bremelanotide in North America.

In a statement, Palatin Technologies COO/CFO Stephen T. Wills said the achievement of the primary endpoints in Phase 3 of bremelanotide plus the acquisition of rights to commercialize AMAG in North America marked significant milestones for the company.

The company reported a net loss of (-$3.6) million or (-$0.02) per share in the third quarter ended March 31, 2017. This is compared to a net loss of (-$12.7) million or (-0.08) per share that was reported in the same period of the previous financial year. The difference is attributed to the $10.8 million in revenue generated from the company’s contract revenue pursuant to the agreement with AMAG.

Palatin Technologies, Inc. (NYSEMKT:PTN) reported $13.8 million in operating revenue for the third quarter ended March 31, 2017. This is compared to the $12.1 million that was reported in the same period of the previous financial year.

Other income reported in Q3 ended March 31, 2017 amounted to $0.6 million. This was the same amount reported in the same period of 2016. It mainly consisted of interest expenses in relation to venture debt.

At the close of the quarter, the company had $55.4 million in cash, cash equivalents and short-term investments. This compared favorably to the $9.4 million in cash, cash equivalents and short-term investments that the company had in the same period of the previous financial year. The company had $17.4 million in current liabilities as at March 31, 2017 compared to $13.9 million that Palatin Technologies, Inc. (NYSEMKT:PTN) had at the close of the third quarter of 2016. Based on the current operating plan plus the proceeds from the AMAG agreement, the company believes the capital resources will be enough to fund its operations through 2018.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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