Welcome to our dedicated page for Palatin Tech news (Ticker: PTN), a resource for investors and traders seeking the latest updates and insights on Palatin Tech stock.
Palatin Technologies develops biopharmaceutical product candidates based on molecules that modulate the melanocortin receptor system. Company news centers on its melanocortin-based obesity programs, including oral small-molecule and peptide MC4R agonists, with focus areas that include hypothalamic obesity and Prader-Willi syndrome.
Recurring updates also cover ocular and retinal disease assets, including PL9643 for dry eye disease and PL9654 and PL9655 for diabetic retinopathy, along with research collaborations, sublicensing agreements, public offerings, reverse-stock-split actions, exchange trading status and financial results.
Palatin Technologies (PTN) reported financial results for the fiscal second quarter ending December 31, 2022, highlighting a net product revenue of approximately $1 million for Vyleesi®, marking an 18% increase over the previous quarter and a staggering 1,323% increase compared to last year. Operating expenses decreased to $6.6 million from $8.8 million, contributing to a reduced net loss of $1.4 million, down from $8.7 million a year prior. The company closed a $10 million direct offering and received $4.7 million in non-dilutive funding. Key clinical trials, including the Phase 3 study of PL9643 for dry eye disease, are ongoing, with topline results expected in mid-2023.
Palatin Technologies, Inc. (NYSE American: PTN) will announce its second quarter fiscal year 2023 operating results on February 15, 2023, before the U.S. market opens. A conference call and live audio webcast will follow the announcement at 11:00 a.m. ET, featuring insights from the executive management team regarding operating results and developmental updates. The press release for the fiscal results will be available at 7:30 a.m. ET on February 15. Investors can access the audio webcast on Palatin's website, providing crucial information about the company's performance and future strategies.
Palatin Technologies announced the initiation of a Phase 2b clinical trial, known as the BREAKOUT Study, for bremelanotide in treating diabetic kidney disease. This study aims to enroll up to 45 subjects and evaluates the effectiveness of bremelanotide combined with RAAS inhibition therapy. The primary endpoint is a 50% reduction in urine protein/creatinine (UP/Cr) ratio after six months. Patient dosing begins in January 2023, with expected completion of enrollment by Q3 2023 and topline data by Q1 2024. This clinical program marks Palatin’s third clinical initiative utilizing melanocortin agonists, focusing on addressing diabetic nephropathy, a significant cause of renal disease.
Palatin Technologies (PTN) has secured approximately $4.7 million in non-dilutive funding through New Jersey's Net Operating Loss (NOL) Program. This program enables qualified technology companies to convert state operating losses into cash. To date, Palatin has received about $18 million from this program. CFO Stephen T. Wills expressed gratitude for the support from the NJ Economic Development Authority, highlighting the funding's role in advancing drug development efforts. Palatin focuses on creating first-in-class medicines targeting the melanocortin receptor system, aiming to address significant unmet medical needs.
Palatin Technologies (PTN) announced the publication of a study in Frontiers in Immunology highlighting the therapeutic effects of PL-8177 on inflammatory conditions, including arthritis. Conducted with The William Harvey Research Institute and Queen Mary University in London, the study confirmed PL-8177's potential as a melanocortin receptor 1 agonist, demonstrating anti-inflammatory properties in rodent models. The ongoing Phase 2 clinical trial for PL-8177 in ulcerative colitis is set for interim assessment in Q1 2023, with topline data expected by Q2 2023, signifying promising advancements in treating chronic inflammatory diseases.
Palatin Technologies (PTN) disclosed preliminary sales results for Vyleesi® for the fiscal second quarter ended December 31, 2022. The company reported a 15.4% increase in net product revenue, totaling $1.0 million, and a striking 1,290% increase compared to the same quarter in 2021. Gross product sales reached $2.6 million, a 238% increase year-over-year. Additionally, prescriptions dispensed rose by 11.5% quarter-over-quarter, and 134% year-over-year. While management is optimistic about growth, the preliminary nature of the data could lead to significant adjustments.
Palatin Technologies reported positive interim results from its Phase 3 study of PL9643 for dry eye disease, with recommendations to increase patient enrollment to 350. The company also commenced a Phase 2 study for PL8177 in ulcerative colitis, expecting interim results in early 2023. Vyleesi's net revenue climbed 13% with a 17% increase in prescriptions from the previous quarter. Despite a net loss of $8.3 million for the first quarter ended September 30, 2022, cash reserves were $21.2 million, bolstered by a recent $10 million equity offering.
Palatin Technologies, Inc. (NYSE American: PTN) is set to release its first quarter fiscal year 2023 operating results on November 14, 2022, before market open. A conference call will follow at 11:00 a.m. ET for a review of the results and updates on development programs. The press release will be available at 7:30 a.m. ET.
Investors can access the audio webcast through Palatin's website. The company is focused on developing first-in-class medicines for significant unmet medical needs.
On October 31, 2022, Palatin Technologies (NYSE: PTN) announced a definitive agreement to issue 1,818,182 shares of common stock and warrants to purchase an equal number of shares, priced at $5.50 each. The offering, expected to close by November 2, 2022, is projected to generate approximately $10 million in gross proceeds. Funds will be allocated for general corporate purposes. The offering is conducted under a shelf registration statement filed with the SEC, ensuring compliance and market readiness.
Palatin Technologies, Inc. (NYSE American: PTN) announced the presentation of preclinical and human pharmacokinetic data for PL8177 at the American College of Gastroenterology meeting. The data demonstrated efficacy in animal models of ulcerative colitis, showing that oral PL8177 reduces colonic inflammation without systemic absorption. PL8177, a melanocortin receptor agonist, is currently being evaluated in a Phase 2 trial with interim results expected in early 2023. This research highlights the potential of PL8177 as a safer alternative to traditional immunosuppressive therapies.