CRANBURY, N.J., May 15 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) announced today results for its third quarter ended March 31, 2009. Palatin reported net income of $0.1 million, or $0.00 per basic and diluted share, for the quarter ended March 31, 2009, compared to a net loss of $5.1 million, or $0.06 per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended March 31, 2009 were $5.2 million, compared to $0.7 million for the same period in 2008.
The net income for the quarter ended March 31, 2009 versus the net loss for the quarter ended March 31, 2008 was primarily attributable to revenue related to our license and clinical trial collaboration agreements with AstraZeneca AB (NYSE:AZN).
As of March 31, 2009, Palatin had cash, cash equivalents and available-for-sale investments totaling $11.0 million, compared to $12.8 million at June 30, 2008.
REVENUE For the quarter ended March 31, 2009, Palatin recognized $5.2 million of revenue under its collaboration agreements with AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.7 million of from AstraZeneca.
COSTS AND EXPENSES Total operating expenses for the quarter ended March 31, 2009 were $5.1 million versus $6.0 million for the comparable quarter of 2008. The net decrease in operating expenses was primarily due to the strategic restructuring and refocusing of our clinical-stage product portfolio development programs offset by increases to clinical costs associated with our collaboration agreements with AstraZeneca.
Palatin Technologies' management will discuss the third quarter financial results for the fiscal year ending June 30, 2009 and provide an update on corporate developments during a conference call and webcast on May 15, 2009 at 11:00 a.m. ET.
Conference Call / Webcast Palatin will host a conference call and webcast on May 15, 2009 at 11:00 a.m. Eastern Time to discuss its third quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 888-811-5421 (domestic) or 913-312-0668 (international), passcode 9642372. The webcast and replay can be accessed by logging on to the "Investor/Media Center-Webcasts" section of Palatin's website at http://www.palatin.com/. A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or 719-457-0820 (international), passcode 9642372. The webcast and telephone replay will be available through May 22, 2009.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. 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 Technologies' website at http://www.palatin.com/.
Forward-looking Statements Statements about future expectations of Palatin Technologies, Inc., including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, 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. Palatin's actual results may differ materially from those discussed in the forward-looking statements for various reasons, including, but not limited to Palatin's ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to protect its intellectual property, 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.
PALATIN TECHNOLOGIES, INC. Consolidated Statement of Operations Data
(unaudited) Three Months Ended Nine Months Ended
March 31, March 31,
2009 2008 2009 2008
REVENUES:
Licenses and
contracts $5,159,453 $746,957 $7,124,704 $10,467,523 OPERATING EXPENSES:
Research and
development 3,813,878 4,561,047 10,311,328 16,296,268
General and
Administrative 1,273,365 1,480,167 3,881,688 5,468,229
Total operating
Expenses 5,087,243 6,041,214 14,193,016 21,764,497 Income/(loss) from
operations 72,210 (5,294,257) (7,068,312) (11,296,974) OTHER INCOME (EXPENSE):
Investment income 34,966 197,199 195,182 908,290
Interest expense (8,998) (14,136) (21,016) (44,834)
Gain on sale of
equipment - - 550,968 -
Total other
income, net 25,968 183,063 725,134 863,456 Income/(loss) before
income taxes 98,178 (5,111,194) (6,343,178) (10,433,518)
Income tax benefit - - 1,741,476 1,291,444 NET INCOME/(LOSS) $98,178 $(5,111,194) $(4,601,702) $(9,142,074) Basic net income/(loss)
per common share $0.00 $(0.06) $(0.05) $(0.11) Diluted net income/(loss)
per common share $0.00 $(0.06) $(0.05) $(0.11) Weighted average number
of common shares
outstanding used in
computing basic net
income/(loss) per
common share 86,662,901 85,204,169 86,273,130 85,195,179
Weighted average number
of common shares
outstanding used in
computing diluted net
income/(loss) per
common share 88,387,901 85,204,169 86,273,130 85,195,179 PALATIN TECHNOLOGIES, INC. Consolidated Balance Sheet Data March 31, June 30,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $7,569,569 $9,421,770
Available-for-sale investments 3,407,101 3,352,771
Accounts receivable 586,811 5,747
Prepaid expenses and other current
assets 628,553 484,362
Total current assets 12,192,034 13,264,650 Property and equipment, net 4,013,934 5,128,076
Restricted cash 475,000 475,000
Other assets 252,796 257,198
Total assets $16,933,764 $19,124,924 LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Capital lease obligations, current
portion $141,808 $263,128
Accounts payable 198,344 635,183
Accrued expenses 1,990,462 1,666,628
Accrued compensation - 767,509
Deferred revenue, current portion 5,500,001 1,666,669
Total current liabilities 7,830,615 4,999,117 Capital lease obligations, net of
current portion 38,563 121,629
Deferred rent, net of current
portion 1,183,340 1,479,794
Deferred revenue, net of current
portion 4,722,218 5,972,220
Total liabilities 13,774,736 12,572,760
Stockholders' equity:
Preferred stock of $.01 par value -
authorized 10,000,000 shares;
Series A Convertible; issued and
outstanding 4,997 shares as of
March 31, 2009 and June 30, 2008 50 50
Common stock of $.01 par value -
authorized 150,000,000 shares;
issued and outstanding 86,662,901
and 85,524,077 shares as of March
31, 2009 and June 30, 2008,
respectively 866,629 855,241
Additional paid-in capital 209,389,927 208,247,194
Accumulated other comprehensive
income 83,562 29,117
Accumulated deficit (207,181,140) (202,579,438)
Total stockholders' equity 3,159,028 6,552,164
Total liabilities and stockholders'
equity $16,933,764 $19,124,924
DATASOURCE: Palatin Technologies, Inc.
CONTACT: Investor Inquiries: Stephen T. Wills, CPA, MST, EVP-Operations/ Chief Financial Officer of Palatin Technologies, +1-609-495-2200, ; or Media Inquiries: Susan Kim of Burns McClellan for Palatin Technologies, +1-212-213-0006, Web Site: http://www.palatin.com/
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