Palatin's net loss for the first quarter up at $8.4 million due to bremelanotide development

By Lisa Kerner

Charlotte, N.C., Nov. 10 - Palatin Technologies, Inc. said its net loss for the first quarter ended Sept. 30 increased to $8.4 million, or $0.12 per share, from a net loss of $6.0 million, or $0.11 per share, for the same period in 2005.

The increase was primarily attributable to development costs related to bremelanotide, a drug under development for the treatment of erectile dysfunction and female sexual dysfunction, according to a company news release.

Total revenues for the quarter were $4.9 million, compared with $5.1 million for the prior-year period.

For the first quarter of 2006, Palatin's total operating expenses rose to $13.7 million, from $11.3 million for the same period in 2005, as development costs related to bremelanotide increased by $2.7 million.

Palatin's cash, cash equivalents and investments totaled $20.5 million as of Sept. 30, compared with $30.7 million at June 30.

Company highlights included positive results from the two phase 2b trials evaluating bremelanotide for the treatment of erectile dysfunction and a successful phase 2a clinical trial in post-menopausal women diagnosed with female sexual dysfunction.

Palatin is a Cranbury, N.J.-based biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.