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Palatin Tech 4Q Loss Widens Sharply As Revenue Plunges

DOW JONES NEWSWIRES Palatin Technologies Inc. (PTN), the biopharmaceutical company that announced major retrenching Friday, said its fiscal fourth-quarter loss widened sharply as revenue plunged. Palatin attributed the wider loss to lower payments from AstraZeneca PLC (AZN) for research services. Such fees had dropped in the prior quarter but had increased in earlier periods. On Friday, Palatin announced it would halve its 40-person work force and narrow its research focus. It also said it would implement a one-for-10 reverse stock split, which was required for the company to keep its listing on the NYSE Amex exchange. Palatin has been developing treatments for male and female sexual dysfunction and acute severe asthma. For the period ended June 30, Palatin posted a loss of $4.2 million, or 40 cents a share, compared with a year-earlier loss of $200,530, or 2 cents a share. Revenue plunged 84% to $674,957. Results were reported on a "post-reverse-split basis." There were 10.7 million shares outstanding at the end of the period. Cash levels were at $8.9 million as of June 30, up from $7.9 million a year earlier. Patalin said Friday its restructuring will cut operating costs some $5.6 million a year; they totaled $17.2 million in the latest fiscal year. Shares closed Friday at $1.80 and were inactive premarket. The stock is down 51% this year after tripling in 2009. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Palatin (PTN)
DateTimeHeadline
12/07/201616:52:00Palatin Technologies Closes on $16.5 Million Financing
12/02/201606:07:08Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
12/01/201617:13:55Current Report Filing (8-k)
12/01/201608:20:00Palatin Technologies Announces Pricing of Public Offering of...
11/30/201616:36:00Palatin Technologies Announces Proposed Public Offering of Common...
11/30/201616:17:36Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/15/201616:17:29Securities Registration: Employee Benefit Plan (s-8)
11/15/201609:02:37Current Report Filing (8-k)
11/15/201607:30:00Palatin Technologies, Inc. Reports First Quarter Fiscal Year...
11/14/201617:42:38Quarterly Report (10-q)
11/10/201607:30:00Palatin Technologies, Inc. to Report First Quarter Fiscal Year...
11/02/201606:09:08Current Report Filing (8-k)
11/01/201616:58:00Bremelanotide Meets Co-Primary Endpoints in Palatin's Phase 3...
10/20/201617:20:27Confidential Treatment Order (ct Order)
09/23/201616:15:00Palatin Technologies Receives Audit Opinion with Going Concern...
09/23/201607:30:00Palatin Technologies Presents Bremelanotide Neurobiology and...
09/20/201609:01:14Current Report Filing (8-k)
09/20/201607:30:00Palatin Technologies, Inc. Reports Fourth Quarter And Fiscal...
09/19/201616:23:49Annual Report (10-k)
09/14/201607:30:00Palatin Technologies, Inc. to Report Fourth Quarter Fiscal Year...

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