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| 8-K - CURRENT REPORT - PALATIN TECHNOLOGIES INC | ptn_8k.htm |
Exhibit 99.1
Palatin Technologies, Inc. Reports First Quarter
Fiscal Year 2017 Results;
Teleconference and Webcast to be held on November 15,
2016
CRANBURY, NJ – November 15, 2016 – 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, today announced results for its first quarter ended
September 30, 2016.
Recent Highlights
●
Bremelanotide
- Under development for Hypoactive
Sexual Desire Disorder (HSDD):
-
November
2016 reported positive Phase 3 clinical results - both pivotal
trials met the pre-specified co-primary efficacy endpoints of
improvement in desire and decrease in distress associated with low
sexual desire, reflecting clinical meaningfulness and statistical
significance.
-
Last
patient visits for the efficacy portion of the trials were
completed in the third quarter of calendar year 2016.
-
New
Drug Application (NDA) submission to the FDA targeted for the
second half of 2017.
●
Financial
Transactions:
-
August
2016, Palatin closed on an underwritten offering of units with
gross proceeds of $9.25 million, with net proceeds, after deducting
offering expenses, of approximately $8.5 million. Palatin
issued:
●
11,481,481
shares of common stock and ten-year prefunded Series I warrants to
purchase 2,218,045 shares of common stock at an exercise price of
$0.01 per share
●
Series
H warrants to purchase 10,274,646 shares of common stock at an
exercise price of $0.70 per share
First Quarter Fiscal 2017 Financial Results
Palatin reported a net loss of $(13.1) million, or $(0.08) per
basic and diluted share, for the quarter ended September 30, 2016,
compared to a net loss of $(12.4) million, or $(0.08) per basic and
diluted share, for the same period in 2015.
The difference between the three months ended September 30, 2016
and 2015 was primarily attributable to the increase in expenses
relating to our bremelanotide program for HSDD in the quarter ended
September 30, 2016.
Revenue
There were no revenues recorded in the quarters ended September 30,
2016 and 2015.
Operating Expenses
Total operating expenses for the quarter ended September 30, 2016
were $12.4 million compared to $11.8 million for the comparable
quarter of 2015. The increase in operating expenses for the quarter
ended September 30, 2016 was the result of an increase in expenses
primarily relating to our bremelanotide program for
HSDD.
Other Income/Expense
Total other income (expense), net, was $(0.6) million for the
quarters ended September 30, 2016 and 2015 consisting primarily of
interest expense related to venture debt.
Cash Position
Palatin’s cash, cash equivalents and investments were $10.2
million as of September 30, 2016, compared to cash and cash
equivalents of $9.4 million at June 30, 2016. Current liabilities
were $20.5 million as of September 30, 2016, compared to $13.9
million as of June 30, 2016.
Palatin believes that existing capital resources will be adequate
to fund our planned operations through the quarter ending December
31, 2016.
CONFERENCE CALL / AUDIO WEBCAST
Palatin will host a conference call and audio webcast on November
15, 2016 at 11:00 a.m. Eastern Time to discuss the results of
operations in greater detail and provide an update on corporate
developments. Individuals interested in listening to the conference
call live can dial 1-888-503-8171 (domestic) or 1-719-457-2664
(international), conference ID 9405459. The audio webcast and
replay can be accessed by logging on to the
“Investor/Webcasts” section of Palatin’s website
at http://www.palatin.com. A telephone and audio webcast replay
will be available approximately one hour after the completion of
the call. To access the telephone replay, dial 1-888-203-1112
(domestic) or 1-719-457-0820 (international), passcode 9405459. The
audio webcast and telephone replay will be available through
November 22, 2016.
About Palatin Technologies, Inc.
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 www.Palatin.com.
-More-
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 including the
FDA, regulatory plans, development programs, proposed indications
for product candidates and market potential for product candidates,
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 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 for events that occur after the date of
this press release.
Palatin Technologies Investor
Inquiries:
Stephen T. Wills, CPA,
MST
Chief Operating Officer / Chief Financial Officer
Tel: (609) 495-2200 /
info@Palatin.com
Palatin Technologies Media Inquiries:
Paul Arndt, MBA, LifeSci Advisors, LLC
Managing Director
Tel: (646) 597-6992 / Paul@LifeSciAdvisors.com
###
(Financial Statement Data Follows)
|
PALATIN TECHNOLOGIES,
INC.
|
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|
and Subsidiary
|
|
Consolidated Statements of Operations
|
||
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(unaudited)
|
||
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|
|
|
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Three Months Ended September 30,
|
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2016
|
2015
|
|
|
|
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REVENUES:
|
|
|
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License
revenue
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$-
|
$-
|
|
|
|
|
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OPERATING
EXPENSES:
|
|
|
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Research
and development
|
11,226,084
|
10,597,714
|
|
General
and administrative
|
1,209,346
|
1,199,937
|
|
Total
operating expenses
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12,435,430
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11,797,651
|
|
|
|
|
|
Loss
from operations
|
(12,435,430)
|
(11,797,651)
|
|
|
|
|
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OTHER
INCOME (EXPENSE):
|
|
|
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Interest
income
|
6,645
|
15,740
|
|
Interest
expense
|
(623,985)
|
(628,008)
|
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Total
other income (expense), net
|
(617,340)
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(612,268)
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|
|
|
|
|
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NET
LOSS
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$(13,052,770)
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$(12,409,919)
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|
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Basic
and diluted net loss per common share
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$(0.08)
|
$(0.08)
|
|
|
|
|
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Weighted
average number of common shares outstanding used in computing basic
and diluted net loss per common share
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165,848,269
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156,176,618
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PALATIN TECHNOLOGIES,
INC.
and Subsidiary
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Consolidated Balance Sheets
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(unaudited)
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September 30, 2016
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June 30, 2016
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ASSETS
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|
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Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$8,867,930
|
$8,002,668
|
|
Available-for-sale
investments
|
1,377,714
|
1,380,556
|
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Prepaid
expenses and other current assets
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1,007,978
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1,313,841
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Total
current assets
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11,253,622
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10,697,065
|
|
|
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Property
and equipment, net
|
90,171
|
97,801
|
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Other
assets
|
56,916
|
63,213
|
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Total
assets
|
$11,400,709
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$10,858,079
|
|
|
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LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
|
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Current
liabilities:
|
|
|
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Accounts
payable
|
$1,159,427
|
$713,890
|
|
Accrued
expenses
|
12,884,590
|
7,767,733
|
|
Notes
payable, net of discount and debt issuance costs
|
6,399,075
|
5,374,951
|
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Capital
lease obligations
|
27,827
|
27,424
|
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Total
current liabilities
|
20,470,919
|
13,883,998
|
|
|
|
|
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Notes
payable, net of discount and debt issuance costs
|
12,162,471
|
14,106,594
|
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Capital
lease obligations
|
7,214
|
14,324
|
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Other
non-current liabilities
|
525,314
|
439,130
|
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Total
liabilities
|
33,165,918
|
28,444,046
|
|
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Stockholders’
deficiency:
|
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Preferred
stock of $0.01 par value – authorized 10,000,000
shares:
|
|
|
|
Series
A Convertible: issued and outstanding 4,030 shares as of September
30, 2016 and June 30, 2016
|
40
|
40
|
|
Common
stock of $0.01 par value – authorized 300,000,000
shares:
|
|
|
|
issued
and outstanding 92,806,710 shares as of September 30, 2016 and
68,568,055 shares as of June 30, 2016, respectively
|
928,067
|
685,680
|
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Additional
paid-in capital
|
333,774,227
|
325,142,509
|
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Accumulated
other comprehensive loss
|
(2,521)
|
(1,944)
|
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Accumulated
deficit
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(356,465,022)
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(343,412,252)
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Total
stockholders’ deficiency
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(21,765,209)
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(17,585,967)
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Total
liabilities and stockholders’ deficiency
|
$11,400,709
|
$10,858,079
|