Palatin Technologies, Inc. - PTN STOCK NEWS

Palatin Technologies reported a 20% increase in net product revenue for Vyleesi®, reaching $856,000, for the first fiscal quarter of 2023. The number of prescriptions dispensed rose by 17% from the previous quarter, with refills surpassing 50% of total prescriptions, indicating strong patient satisfaction. Compared to the same quarter in fiscal 2022, net revenue has surged by 400%, and prescriptions dispensed have grown by 108%. However, the reported figures are preliminary and not audited, which could result in material changes.

Palatin Technologies (PTN) announced its presentation at the Eyecelerator@AAO 2022 in Chicago, focusing on its melanocortin receptor research pipeline aimed at treating ocular inflammatory conditions. The company is conducting a Phase 3 clinical trial for PL9643, a novel melanocortin agonist for dry eye disease, with results expected in 2Q 2023. Previous Phase 2 studies showed positive outcomes in symptom relief with no safety concerns. Palatin aims to develop innovative treatments supported by genomics and proteomics data for addressing inflammatory diseases.

Palatin Technologies, Inc. (NYSE American: PTN) announced its participation in the Ladenburg Thalmann Healthcare Conference on September 29, 2022, in Cranbury, N.J. Carl Spana, Ph.D., President and CEO, will present an update on the Company's pipeline and partake in an Analyst-led Fireside Chat. Palatin is focused on developing first-in-class medicines targeting the melanocortin receptor system, addressing significant unmet medical needs. For more details, visit www.Palatin.com.

Palatin Technologies, Inc. (PTN) reported a net loss of $12.8 million for Q4 2022, reduced from $13.9 million in Q4 2021, with a net loss per share of $(1.34) compared to $(1.47) the previous year. Vyleesi sales surged, with gross product sales increasing by 79% and net revenue by 257% from the previous quarter. The ongoing Phase 3 study of PL9643 for dry eye disease shows positive interim results, prompting the data monitoring committee's recommendation to expand the study size to 350 patients. The company closed a $15 million private placement of redeemable convertible preferred stock.

Palatin Technologies, Inc. (NYSE American: PTN) will announce its Q4 and FY 2022 operating results on September 22, 2022, before U.S. market opens. A conference call will follow at 11:00 a.m. ET to discuss results and updates on development programs. Investors can access the audio webcast via Palatin's website. The company focuses on first-in-class biopharmaceuticals targeting melanocortin receptor systems, aiming for collaborations to enhance commercial potential. For updates, visit palatin.com.

Palatin Technologies, Inc. (NYSE American: PTN) has initiated a Phase 2 clinical study of PL8177, a melanocortin-1 receptor agonist, aimed at treating active ulcerative colitis (UC). The trial will evaluate the drug's safety, tolerability, and efficacy in adult patients, enrolling up to 28 subjects across 22 sites. Following a successful Phase 1 study, where PL8177 showed promising results without systemic exposure, this Phase 2 trial is expected to yield interim results in early 2023 and final data by mid-2023. PL8177 targets inflammation in UC, a disease affecting about 1 million people in the U.S.

Palatin Technologies, Inc. (NYSE American: PTN) announced a 1-for-25 reverse stock split effective at 5:00 p.m. Eastern Time on August 30, 2022. Following the split, the number of outstanding shares will reduce from approximately 231.8 million to around 9.3 million. This move, approved by shareholders at the June 24, 2022 meeting, aims to enhance the stock's marketability. The reverse split will not change the company’s authorized share count, which remains at 300 million. Cash will be provided for any fractional shares resulting from the split.

Palatin Technologies, Inc. (PTN) announced a positive interim analysis from its Phase 3 MELODY-1 clinical trial of PL9643 for dry eye disease. The Independent Data Monitoring Committee (DMC) recommended continuing the study, aiming to enroll up to 350 patients, with an additional 230 required. No safety concerns were reported, and topline results are expected in the second quarter of 2023. PL9643 has shown potential as a fast-acting treatment for dry eye disease, which affects over 20 million people in the U.S.

Palatin Technologies (PTN) reported a significant uptick in fourth-quarter 2022 preliminary sales for Vyleesi®, the FDA-approved treatment for hypoactive sexual desire disorder in premenopausal women. Key metrics include a 225% increase in net product revenue and a 75% rise in gross product sales over the previous quarter. Total prescriptions dispensed grew by 45% quarter-over-quarter. These results highlight Vyleesi's growing demand in the female sexual healthcare market. However, the reported figures are preliminary and subject to change, which may impact investor perceptions.