Palatin ends year with $30.7 million, reports no product sales for the quarter

By Lisa Kerner

Charlotte, N.C., Sept. 13 - Palatin Technologies, Inc. said it ended the fiscal year with cash, cash equivalents and investments totaling $30.7 million, an increase from $18.1 million reported for the year ended June 30, 2005.

The company had no product sales or royalty revenue for the quarter ended June 30, compared to $0.8 million of product sales and $0.6 million of royalty revenues related to NeutroSpec for the same quarter in 2005.

For the quarter, the biopharmaceutical company recognized contract revenue of $4.9 million from King Pharmaceuticals, Inc. and $0.1 million from Mallinckrodt Inc.

In the comparable quarter of 2005, Palatin recognized $4.2 million of contract revenue from King Pharmaceuticals and $0.3 million from Mallinckrodt.

Total revenues for the quarter decreased slightly to $5.0 million from $5.8 million for the same period in 2005.

Revenues for the year were up at $19.7 million, compared with $18.0 million for the fiscal year 2005.

The company said current-year operating expenses were offset by net proceeds from an equity offering in April and $10 million from the sale of common stock and warrants to King Pharmaceuticals.

Palatin reported a net loss of $7.9 million, or $0.11 loss per share for the quarter ended June 30, compared to a net loss of $5.1 million, or $0.09 loss per share, for the prior-year period.

The Cranbury, N.J.-based company attributed the increased net loss to increased research and development expenses related to the development of bremelanotide in conjunction with King Pharmaceuticals.

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