- 7 Consecutive Quarters of Double-Digit Growth in Product
Revenue and Prescriptions Dispensed
- $4.6 million in Gross Product
Revenue
- 11% growth over prior quarter; 100% growth over comparable
quarter last year
- $2.1 million in Net Product
Revenue
- 18% growth over prior quarter; 137% growth over comparable
quarter last year
- Prescriptions Dispensed
- 14% growth over prior quarter; 88% growth over comparable
quarter last year
CRANBURY, N.J., Oct. 19,
2023 /PRNewswire/ -- Palatin Technologies, Inc.
(NYSE American: PTN), a biopharmaceutical company developing
first-in-class medicines based on molecules that modulate the
activity of the melanocortin receptor system, today announced
preliminary fiscal year 2024 first quarter ended September 30, 2023 results, for
Vyleesi® product revenue. Vyleesi is the first and only
as-needed treatment approved by the U.S. Food and Drug
Administration (FDA) for premenopausal women with acquired,
generalized hypoactive sexual desire disorder (HSDD).
"We are pleased with Vyleesi's quarterly growth in all key
operating and distribution metrics," stated Carl Spana, Ph.D., President and CEO of Palatin.
"We continue to successfully execute our commercial strategy, as
evidenced by seven consecutive quarters of double-digit profitable
growth. Importantly, net revenue per prescriptions dispensed
continues to improve, and quarterly net product revenue for Vyleesi
continues to grow and exceed Vyleesi quarterly operating
expenses."
- Preliminary Vyleesi product revenue results for the fiscal
year 2024 first quarter ended September 30,
2023:
- Gross product revenue was $4.6
million, an 11% increase over the prior quarter, and a 100%
increase over the comparable quarter last year.
- Net product revenue was $2.1
million, an 18% increase over the prior quarter, and a 137%
increase over the comparable quarter last year.
- Prescriptions dispensed increased 14% and 88% over the prior
quarter and comparable quarter last year, respectively.
- All key operating and commercial metrics, including new patient
starts, refill rates, commercial insurance reimbursement, net
revenue per prescription dispensed, and new healthcare prescribers,
continued with positive and impactful results and trends, versus
the prior quarter, and comparable quarter last year.
Preliminary Financial Information
The
Vyleesi related financial and operating data for the first
fiscal quarter of 2024 is preliminary and may change. This
preliminary data has been prepared by, and is the responsibility
of, Palatin's management and no independent accounting
firm has audited, reviewed, compiled, or performed any procedures
with respect to this preliminary financial data. There can be no
assurance that Palatin's actual results for this
quarterly period will not differ from the preliminary financial and
operating data and such changes could be material. In
addition, Palatin's estimate of Vyleesi
product revenues for the quarter ended September 30, 2023 should not be viewed as a
substitute for full financial statements prepared in accordance
with U.S. generally accepted accounting standards. Additional
information that will be material to investors will be provided in
the financial statements for the three months ended September 30, 2023, and, accordingly, investors
should not place undue reliance on the limited preliminary
information being provided herein.
About Vyleesi® (bremelanotide injection) for
Hypoactive Sexual Desire Disorder (HSDD)
Vyleesi is the
first and only as-needed treatment approved by the FDA for
premenopausal women with acquired, generalized HSDD.
Palatin is actively seeking Vyleesi collaborations for
the United States and for
territories outside the currently licensed territories of
China and South Korea. Vyleesi is licensed to Fosun
Pharma in China and Kwangdong
Pharmaceuticals in South
Korea.
Patients and healthcare providers can learn more about HSDD and
Vyleesi at www.vyleesi.com and www.vyleesipro.com.
About Palatin
Palatin is a biopharmaceutical
company developing first-in-class medicines based on molecules that
modulate the activity of the melanocortin receptor
systems, with targeted, receptor-specific product candidates 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 to maximize their commercial potential. For additional
information regarding Palatin, please visit
Palatin's website at www.Palatin.com and
follow Palatin on Twitter at
@PalatinTech.
Forward-looking Statements
Statements in this
press release that are not historical facts, including statements
about future expectations of Palatin, such as
statements about Vyleesi results and potential market,
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 clinical
trials, regulatory actions by the FDA and other regulatory and the
need for regulatory approvals, 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 events that occur after the date of this
press release.
Palatin Technologies® and Vyleesi® are
registered trademarks of Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.