CRANBURY, N.J., Feb. 3, 2017 /PRNewswire/ -- Palatin
Technologies, Inc. (NYSE MKT: PTN) announced the closing of its
license agreement with AMAG Pharmaceuticals, Inc. (Nasdaq: AMAG)
for exclusive North American rights to develop and commercialize
Rekynda™ (bremelanotide), an investigational product designed for
on-demand treatment of hypoactive sexual desire disorder (HSDD) in
pre-menopausal women. Palatin received an initial payment of
$60,000,000 under the license
agreement.
"We are very pleased and excited to be working closely with AMAG
to complete the activities required to support an NDA filing with
the FDA," said Carl Spana, Ph.D.,
chief executive officer of Palatin Technologies. "We believe
Rekynda will offer an important therapeutic alternative for
pre-menopausal women suffering from HSDD and we are confident that
AMAG's commercial capabilities and expertise will drive a
successful approval and launch of Rekynda in early 2019."
Palatin will hold a conference call and audio webcast on
Thursday, February 9, 2017 at
11:00 a.m. Eastern time to discuss
its role in further development and regulatory approval of
Rekynda. Management will also discuss anticipated next steps
in Palatin's portfolio of drug development programs, including its
melanocortin receptor1 agonist peptides for treatment of
inflammatory and dermatologic disease indications, melanocortin
receptor-4 agonist compounds for treatment of obesity and diabetes,
and natriuretic peptide receptorA agonist compounds for treatment
of cardiovascular and pulmonary indications. The call will also
include a review of Palatin's operating results for its second
fiscal quarter ended December 31,
2016. Palatin will release its second quarter operating
results on Thursday, February 9,
2017, before the open of the U.S. Financial markets.
Conference Call / Audio Webcast
Individuals interested in listening to the conference call live
can dial 1-800-500-0311 (US/Canada) or 1-719-457-2641 (International),
conference ID 9389688. Individuals interested in listening to
the live conference call via the internet may do so by logging on
to the "Investor/Webcasts" section of Palatin's website at
http://www.palatin.com.
Approximately one hour after the completion of the conference
call, a telephone and audio webcast replay will be available
through February 16, 2017. To access
the telephone replay, dial 1-888-203-1112 (US/Canada) or 1-719-457-0820 (International),
passcode 9389688.
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.
Rekynda™ is a trademark of Palatin Technologies, Inc.
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 actions by third
parties, clinical trial results, potential actions by regulatory
agencies, financings, projected operations and other statements
containing the words "anticipate," "believe," "estimate," "expect,"
"intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and
similar expressions, 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, 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.