By Kristin Jones
Palatin Technologies Inc. (PTN) said a clinical trial for an
obesity drug under development as part of a collaboration with
AstraZeneca PLC (AZN, AZN.LN) has been halted after a man enrolled
in the study became ill.
The safety review committee of AstraZeneca PLC (AZN), which was
conducting the trial, halted the Phase 1 trial of AZD2820 after a
serious adverse event was reported. The affected subject, who may
have suffered an allergic reaction after his first dose, was
treated at the site and has fully recovered. A review and
investigation of the incident has begun.
"We are pleased that the subject has fully recovered from this
unfortunate adverse event and we will work closely with our partner
AstraZeneca to investigate the cause of this incident and the
overall plans for the AZD2820 program," said Palatin's Chief
Executive Carl Spana.
AstraZeneca, which is the U.K.'s second-biggest drug company,
remains committed to collaborating with Palatin on the continued
development of obesity treatments, Dr. Spana said.
The Phase I study of AZD2820 had enrolled 72 obese but otherwise
healthy men for a placebo-controlled trial. Eleven of them had
completed their dosing regimen before the trial was halted. The
study had been assessing the safety, tolerability and other effects
of AZD2820. Another study of the same drug was completed in 2011
without any reported serious adverse events.
Under the terms of the collaboration with AstraZeneca, Palatin
is eligible for milestone payments upon reaching certain
developments, in addition to royalties on sales. AstraZeneca has
responsibility for the drug's commercialization, and discovery and
development costs.
Palatin shares closed at 52 cents on Monday and were inactive
premarket. The stock is up 28% so far this year.
AstraZeneca's American depositary shares were up 1.4% to $42.75
in premarket trading. Through Monday's close, the equity was down
8.9% so far this year.
Write to Kristin Jones at kristin.jones@dowjones.com