Palatin Technologies, Inc. - PTN STOCK NEWS

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.

Palatin Technologies, Inc. (PTN) reported notable quarterly results for Q3 FY 2022, ending March 31, with a net loss of $7.6 million, or $(0.03) per share. Vyleesi® sales saw a significant uptick, with gross sales rising 67% and net product revenue soaring 200% compared to the previous quarter. The company successfully closed a $15 million private placement of convertible preferred stock to enhance operational flexibility. Furthermore, patient enrollment for the Phase 3 study of PL9643 for dry eye disease is on track, with preliminary results anticipated in H2 2022.

Palatin Technologies, Inc. (NYSE American: PTN) announced a securities purchase agreement to issue 8.1 million shares of Series B and 900,000 shares of Series C convertible redeemable preferred stock at $1.67 per share. This transaction is expected to generate approximately $15 million in gross proceeds. Holders can convert these preferred shares into common stock at an initial price of $0.45 per share. The company plans to seek stockholder approval for a reverse stock split and will use the net proceeds for working capital and general corporate purposes.

Palatin Technologies will announce its Q3 fiscal year 2022 operating results on May 17, 2022, before the U.S. markets open. The company will also host a conference call at 11:00 a.m. ET the same day, reviewing the operating results and providing updates on ongoing programs. Access to the call will be available through the company's website. Palatin focuses on developing innovative biopharmaceutical products to address significant unmet medical needs.

Palatin Technologies (NYSE American: PTN) announced presentations at the ARVO 2022 Annual Conference in Denver from May 1-4. The posters highlight data from a Phase 2 study of PL9643 for treating dry eye disease (DED), revealing statistically significant improvements in symptoms after 2 and 12 weeks of dosing, with no safety concerns. A Phase 3 study (MELODY-1) is currently enrolling participants, with topline data expected in Q4 2022 and a potential NDA submission in H1 2024. These efforts underline Palatin's commitment to developing innovative therapies for significant unmet needs.

Palatin Technologies (NYSE American: PTN) presented at the Eyecelerator@ASCRS 2022 Conference in Washington D.C. on April 21, 2022. The presentation, led by CEO Carl Spana, focused on melanocortins' role in treating ocular diseases and shared Phase 2 results of PL9643 for Dry Eye Disease (DED). Positive outcomes were reported, showing significant improvement in symptoms with excellent ocular tolerability. The ongoing Phase 3 study (MELODY-1) aims to provide topline data in Q4 2022, with an NDA submission planned for early 2024.

Palatin Technologies (PTN) announced a webinar scheduled for March 7, 2022, at 10:30 am ET, focusing on the unmet medical needs in dry eye disease (DED). KOL Eric D. Donnenfeld will present the current treatment landscape, while CMO Michael Raizman will discuss the Phase 3 trial for PL9643, a melanocortin agonist aimed at treating DED. The MELODY-1 study plans to enroll 400 patients at multiple U.S. sites, with top-line results expected in the second half of 2022. The webinar will include a Q&A session with experts.

Palatin Technologies (PTN) announced its fiscal Q2 results for the period ending December 31, 2021. The company reported a net loss of $8.7 million, or $0.04 per share, an improvement from the $10 million loss in the prior year. Cash and investments totaled $47.3 million. Palatin initiated a Phase 3 study for PL9643 targeting dry eye disease, with results expected in H2 2022. Despite an 18% decline in gross sales of Vyleesi, net product revenue rose 144%. Operational cash burn reduced significantly, affirming a cash runway until at least March 2023.