CRANBURY, N.J., June 6, 2016 /PRNewswire/ -- Palatin
Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company
developing targeted, receptor-specific peptide therapeutics for the
treatment of diseases with significant unmet medical need and
commercial potential, announced today that the United States Patent
and Trademark Office has issued a Notice of Allowance for U.S.
Patent Application Serial Number 14/328,995 (the '995
application). The '995 application title is "Melanocortin
Receptor-Specific Heptapeptides." The composition of matter
application claims a broad group of melanocortin peptides.
The patent enhances Palatin's melanocortin patent family, and
covers a number of peptides under evaluation, including PL-8905,
Palatin's internal lead compound for obesity and related
indications. PL-8905 has over 100-fold functional selectivity
for the melanocortin receptor-4 over the melanocortin receptor-1,
with minimal effect on blood pressure and significant chemical and
metabolic stability.
Carl Spana, Ph.D., President and
CEO of Palatin, commented, "This allowed patent covers a family of
peptides that are more selective for melanocortin receptor-4 than
peptides and compounds other companies have developed. The
peptides covered by the '995 application have reduced off-target
effects, which makes these peptides particularly attractive for
indications such as sexual dysfunction, obesity and metabolic
syndrome. We are pleased with this important extension of our
patent portfolio."
Once issued, the patent is expected to expire no earlier than
June, 2030. The '995 application is owned by Palatin
Technologies.
About Palatin Technologies
Palatin Technologies, Inc. is a biopharmaceutical company
developing targeted, receptor-specific peptide therapeutics for the
treatment of diseases with significant unmet medical need and
commercial potential. 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's website at
http://www.palatin.com.
Forward-looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin
Technologies, Inc. such as statements about clinical trial results,
potential actions by regulatory agencies, whether the subject
patent will adequately protect against competition, and the future
status of pending and planned patent applications 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. Palatin intends that such
forward-looking statements be subject to the safe harbors created
thereby. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause Palatin's
actual results to be materially different from its historical
results or from any results expressed or implied by such
forward-looking statements. Palatin's actual results may differ
materially from those discussed in the forward-looking statements
for reasons including, but not limited to, results of nonclinical,
preclinical and toxicology studies, result of clinical trials,
regulatory actions by the FDA and the need for regulatory
approvals, regulatory actions by the USPTO, Palatin's ability to
fund development of its technology and establish and successfully
complete clinical trials, the length of time and cost required to
complete clinical trials and submit applications for regulatory
approvals, products developed by competing pharmaceutical,
biopharmaceutical and biotechnology companies, commercial
acceptance of Palatin's products, and other factors discussed in
Palatin's periodic filings with the Securities and Exchange
Commission. Palatin is not responsible for updating for events that
occur after the date of this press release.
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SOURCE Palatin Technologies, Inc.