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Palatin Technologies, Inc. Reports Fiscal Year 2009 First Quarter Results; Teleconference and Webcast To Be Held on November 17, 2008
CRANBURY, N.J., Nov. 17 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (AMEX: PTN) announced today results for its first quarter ended September 30, 2008. Palatin reported a net loss of $4.3 million, or $(0.05) per basic and diluted share, for the quarter ended September 30, 2008, compared to a net loss of $247,000, or $(0.00) per basic and diluted share, for the same period in 2007. Total revenues in the quarter ended September 30, 2008 were $754,000, compared to $9.0 million for the same period in 2007. The increase in the net loss for the quarter ended September 30, 2008 versus the quarter ended September 30, 2007 was primarily attributable to the recognition in September 2007 of the remaining $6.5 million of deferred license revenue pursuant to the termination of our collaboration agreement with King Pharmaceuticals, Inc. (King) related to bremelanotide, the Company's drug previously under development for the treatment of male and female sexual dysfunction. As of September 30, 2008, the Company had cash, cash equivalents and investments totaling $8.1 million compared to $12.8 million at June 30, 2008. LICENSE AND CONTRACTS For the quarter ended September 30, 2008, Palatin recognized $754,000 of contract revenue under its collaboration agreement with AstraZeneca AB (AZ). In the comparable quarter of 2007, Palatin recognized $8.2 million of contract revenue from King, $0.7 million from AZ, and $100,000 related to NeutroSpec pursuant to the Company's collaboration agreement with the Mallinckrodt division of Covidien Ltd. COSTS AND EXPENSES Total operating expenses for the quarter ended September 30, 2008 were $5.1 million versus $9.6 million for the comparable quarter of 2007, primarily due to lower development costs of bremelanotide. Palatin Technologies' management will discuss the first 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 November 17, 2008 at 11:00 a.m. ET. Conference Call / Webcast The Company will host a conference call and webcast on November 17, 2008 at 11:00 a.m. Eastern Time to discuss its first quarter, fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 1-888-263-2919 (domestic) or 1-913-312-0381 (international), passcode 7115648. 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 1-888-203-1112 (domestic) or 1-719-457-0820 (international), passcode 7115648. The webcast and telephone replay will be available through November 24, 2008. About Palatin Technologies, Inc. Palatin Technologies, Inc. is a biopharmaceutical company dedicated to the development of peptide, peptide mimetic and small molecule compounds with a focus on melanocortin and natriuretic peptide receptor systems. The melanocortin system is involved in a large and diverse number of physiologic functions, and therapeutic agents modulating this system may have the potential to treat a variety of conditions and diseases, including sexual dysfunction, obesity and related disorders, ischemia-reperfusion injury, hemorrhagic shock and inflammation-related diseases. The natriuretic peptide receptor system has numerous cardiovascular functions, and therapeutic agents modulating this system may be useful in treatment of heart failure, hypertension and other cardiovascular diseases. 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 the Company's future expectations, including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, 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. The Company intends that such forward-looking statements shall 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, the Company'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 Company's periodic filings with the Securities and Exchange Commission. The Company 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 September 30,
2008 2007
REVENUES:
Licenses and contracts $753,846 $8,977,731
OPERATING EXPENSES:
Research and development 3,657,999 7,943,877
General and administrative 1,456,848 1,659,010
Total operating expenses 5,114,847 9,602,887
Loss from operations (4,361,001) (625,156)
OTHER INCOME (EXPENSE):
Investment income 82,980 396,621
Interest expense (4,494) (18,229)
Total other income, net 78,486 378,392
NET LOSS $(4,282,515) $(246,764)
Basic and diluted net loss per common share $(0.05) $(0.00)
Weighted average number of common shares
outstanding used in computing basic and
diluted net loss per common share 85,524,316 85,177,298
PALATIN TECHNOLOGIES, INC.
Consolidated Balance Sheet Data
September 30, 2008 June 30, 2008
ASSETS
Current assets:
Cash and cash equivalents $4,735,975 $9,421,770
Available-for-sale investments 3,352,712 3,352,771
Accounts receivable 342,925 5,747
Prepaid expenses and other current assets 403,719 484,362
Total current assets 8,835,331 13,264,650
Property and equipment, net 4,796,173 5,128,076
Restricted cash 475,000 475,000
Other assets 261,219 257,198
Total assets $14,367,723 $19,124,924
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Capital lease obligations, current portion $237,280 $263,128
Accounts payable 580,844 635,183
Accrued expenses 1,643,576 1,666,628
Accrued compensation 447,247 767,509
Deferred revenue, current portion 1,666,669 1,666,669
Total current liabilities 4,575,616 4,999,117
Capital lease obligations, net of current
portion 80,734 121,629
Deferred rent, net of current portion 1,371,608 1,479,794
Deferred revenue, net of current portion 5,555,552 5,972,220
Total liabilities 11,583,510 12,572,760
Commitments and contingencies
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 September 30, 2008 and June
30, 2008, respectively 50 50
Common stock of $0.01 par value -
authorized 150,000,000 shares; issued
and outstanding 85,546,077 and 85,524,077
shares as of September 30, 2008 and June
30, 2008, respectively 855,461 855,241
Additional paid-in capital 208,761,597 208,247,194
Accumulated other comprehensive income 29,058 29,117
Accumulated deficit (206,861,953) (202,579,438)
Total stockholders' equity 2,784,213 6,552,164
Total liabilities and stockholders'
equity $14,367,723 $19,124,924
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