0001354488-13-005500.txt : 20131001 0001354488-13-005500.hdr.sgml : 20131001 20131001071052 ACCESSION NUMBER: 0001354488-13-005500 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131001 DATE AS OF CHANGE: 20131001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PALATIN TECHNOLOGIES INC CENTRAL INDEX KEY: 0000911216 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 954078884 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15543 FILM NUMBER: 131125022 BUSINESS ADDRESS: STREET 1: 4B CEDAR BROOK DRIVE CITY: CRANBURY STATE: NJ ZIP: 08512 BUSINESS PHONE: 609-495-2200 MAIL ADDRESS: STREET 1: 4B CEDAR BROOK DRIVE CITY: CRANBURY STATE: NJ ZIP: 08512 FORMER COMPANY: FORMER CONFORMED NAME: INTERFILM INC DATE OF NAME CHANGE: 19930825 8-K 1 ptn_8k.htm CURRENT REPORT ptn_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
____________________________
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act Of 1934
 
Date of Report (Date of earliest event reported): September 30, 2013
 
 
Palatin Technologies, Inc.
(Exact name of registrant as specified in its charter)
 

 
Delaware
001-15543
95-4078884
(State or other jurisdiction
(Commission
(IRS employer
of incorporation)
File Number)
identification number)

4B Cedar Brook Drive, Cranbury, NJ
08512
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code: (609) 495-2200
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
 

Item 2.02 Results of Operations and Financial Condition.
 
On September 30, 2013, we issued a press release including results for our fourth quarter and fiscal year ended June 30, 2013, and announcing a teleconference and webcast to be held October 1, 2013 at 10:00 a.m. Eastern Time, which will include a discussion on results of operations in greater detail and an update on corporate developments. We have attached a copy of the press release as an exhibit to this report.
 
The information in this Item 2.02 and the corresponding information in the attached Exhibit 99 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in this Item 2.02 and the corresponding information in the attached Exhibit 99 shall not be incorporated into any registration statement or other document filed with the Securities and Exchange Commission by the company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits:

99           Press Release dated September 30, 2013
 
 
 
2
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
PALATIN TECHNOLOGIES, INC.
  
       
Date: October 1, 2013
By:
/s/ Stephen T. Wills  
   
Stephen T. Wills, CPA, MST
  
   
Executive Vice President, Chief Financial Officer and Chief Operating Officer
  
       
 
 
3
 
 
 
EXHIBIT INDEX
 
99  Press Release dated September 30, 2013
 
 
 EX-99 2 ptn_ex99.htm PRESS RELEASE ptn_ex99.htm
EXHIBIT 99

FOR RELEASE September 30, 2013 at 4:30 p.m. ET

Palatin Technologies, Inc. Reports Fourth Quarter
and Fiscal Year End 2013 Results

CRANBURY, NJ – September 30, 2013 – 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 fourth quarter and fiscal year ended June 30, 2013.

Fiscal Year and Recent Highlights
●  
Bremelanotide development for Female Sexual Dysfunction (FSD):
‒  
Completed a successful Phase 2B clinical trial and productive end-of-Phase 2 meetings with the U.S. Food and Drug Administration (FDA)
‒  
Pivotal Phase 3 clinical trials anticipated to initiate patient dosing in the first quarter of calendar year 2014
●  
Obesity Collaboration with AstraZeneca:
‒  
AstraZeneca is evaluating the program and next steps following discontinuation of further development of AZD2820
‒  
A number of collaboration compounds are in various stages of preclinical testing
●  
Intellectual property developments:
‒  
Two United States patents issued in the melanocortin field in the fiscal year ended June 30, 2013
‒  
Palatin has advanced its bremelanotide, PL-3994, and new melanocortin peptide patent applications in countries outside the United States
●  
Equity financing:
‒  
On July 3, 2012, Palatin closed on a $35.0 million private placement.  The offering consisted of the sale of 3,873,000 shares of common stock, Series A 2012 warrants to purchase 31,988,151 shares of common stock, and Series B 2012 warrants to purchase 35,488,380 shares of common stock
‒  
Net proceeds to Palatin after deducting offering expenses were $34.4 million

Fourth Quarter and Fiscal Year End 2013 Results
Palatin reported a net loss of $4.7 million, or $(0.04) per basic and diluted share, for the quarter ended June 30, 2013, compared to a net loss of $5.3 million, or $(0.14) per basic and diluted share, for the same period in 2012.

The decrease in net loss for the quarter ended June 30, 2013 compared to the net loss for the quarter ended June 30, 2012 was mainly the result of a decrease in costs related to our bremelanotide for FSD program.
 
-More-
 
 
 
 
 
 
Palatin’s net loss for the year ended June 30, 2013 was $20.9 million, or $(0.21) per basic and diluted share, compared to a net loss of $17.3 million, or $(0.49) per basic and diluted share, for the year ended June 30, 2012.

The increase in net loss for the year ended June 30, 2013 compared to the net loss for the year ended June 30, 2012 was mainly attributable to the recognition of a $7.1 million non-cash charge to expense for the increase in the fair value of warrants related to the July 3, 2012 private placement offering partially offset by the decrease in costs related to our bremelanotide for FSD program.
 
Revenue
There were no revenues recorded in the quarter ended June 30, 2013, compared to $11,000 for the same period in 2012.  For the year ended June 30, 2013, revenues were $10,000, compared to $74,000 for year ended June 30, 2012.  Revenue consisted entirely of reimbursement of development costs and per-employee compensation earned at the contractual rate pursuant to Palatin’s license agreement with AstraZeneca.

Operating Expenses
For the quarter ended June 30, 2013, total operating expenses were $4.7 million compared to $5.7 million for the comparable quarter of 2012.  For the year ended June 30, 2013, total operating expenses were $15.6 million compared to $18.9 million for the year ended June 30, 2012. The decreases in operating expenses for the respective periods was primarily the result of  a decrease in costs related to our bremelanotide for FSD program, and secondarily as a result of closing our research laboratory operations in connection with the lease expiration of our laboratory facilities in July 2012.
 
Cash Position
Palatin’s cash, cash equivalents and short-term investments were $24.4 million as of June 30, 2013, compared to cash and cash equivalents of $3.8 million at June 30, 2012, with current liabilities of $2.1 million as of June 30, 2013 compared to $3.5 million as of June 30, 2012.

Palatin believes its existing capital resources will be adequate to fund its currently planned operations. Palatin does not intend to initiate patient enrollment in the Phase 3 studies with bremelanotide for FSD unless it has adequate funds, or commitments for adequate funds, to complete the Phase 3 program.

CONFERENCE CALL / WEBCAST
Palatin will host a conference call and webcast on October 1, 2013 at 10:00 a.m. Eastern Time to discuss the results of operations in greater detail and an update on corporate developments.  Individuals interested in listening to the conference call live can dial 1-888-417-8516 (domestic) or 1-719-325-2429 (international), pass code 6711298.  The webcast and replay can be accessed by logging on to the “Investor/Media Center-Webcasts” section of Palatin’s website at http://www.palatin.com.  A telephone and 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), pass code 6711298.  The webcast and telephone replay will be available through October 8, 2013.
 
-More-
 
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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.

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)
 
 
 
3
 
 
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Statements of Operations
 
   
Quarter Ended June 30,
(Unaudited)
    
Year Ended June 30,
(Derived from audited financial statements)
  
   
2013
    
2012
    
2013
       2012  
                           
REVENUES:
                          
License and contract
  
$
-
    
$
11,031
    
$
10,361
     $  73,736  
                                 
OPERATING EXPENSES:
                                
Research and development
    
2,795,021
      
4,130,264
      
10,528,691
        13,813,376  
General and administrative
    
1,925,079
      
1,571,751
      
5,066,830
        5,045,741  
Total operating expenses
    
4,720,100
      
5,702,015
      
15,595,521
        18,859,117  
                                 
Loss from operations
    
(4,720,100
)
    
(5,690,984
)
    
(15,585,160
)
      (18,785,381  )
                                 
OTHER INCOME (EXPENSE):
                                
Investment income
    
5,717
      
3,904
      
42,734
        32,133  
Interest expense
    
(3,665
)
    
(3,761
)
    
(8,411
)
      (10,411 )
Increase in fair value of warrants
    
-
 
    
-
      
(7,069,165
)
      -  
Gain on disposition of supplies and equipment
    
-
      
437,548
      
4,620
 
      442,248  
Total other income (expense), net
    
2,052
 
    
437,691
      
(7,030,222
 )       463,970  
                                 
Loss before income taxes
    
(4,718,048
)
    
(5,253,293
)
    
(22,615,382
)
      (18,321,411 )
Income tax benefit
    
-
      
-
      
1,753,208
        1,068,233  
                                 
NET LOSS
  
$
(4,718,048
)
  
$
(5,253,293
)
  
$
(20,862,174
)
   $  (17,253,178 )
                                 
Basic and diluted net loss per common share
  
$
(0.04
)
  
$
(0.14
)
  
$
(0.21
)
   $  (0.49 )
                                 
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share
    
106,435,741
      
34,900,591
      
97,618,714
        34,900,591  
 
 
 
4
 
 
 
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Balance Sheets
 (Derived from audited financial statements)
 
   
June 30, 2013
    
June 30, 2012
  
ASSETS
            
Current assets:
            
Cash and cash equivalents
  
$
19,167,632
    
$
3,827,198
  
Short-term investments
    
5,249,654
      
-
  
Accounts receivable
    
-
      
27,631
  
Restricted cash
    
-
      
350,000
  
Prepaid expenses and other current assets
    
332,267
      
532,010
  
Total current assets
    
24,749,553
      
4,736,839
  
                 
Property and equipment, net
    
266,415
      
318,653
  
Other assets
    
58,131
      
324,992
  
Total assets
  
$
25,074,099
    
$
5,380,484
  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Capital lease obligations
  
$
19,909
    
$
22,277
  
Accounts payable
    
338,726
      
294,894
  
Accrued expenses
    
1,701,727
      
2,706,496
  
Accrued compensation
    
-
      
433,333
  
Total current liabilities
    
2,060,362
      
3,457,000
  
                 
Capital lease obligations
    
-
      
19,909
  
Deferred rent
    
35,460
      
72,677
  
Total liabilities
    
2,095,822
      
3,549,586
  
                 
Stockholders’ equity:
                
Preferred stock of $0.01 par value – authorized 10,000,000 shares;
                
Series A Convertible; issued and outstanding 4,697 shares as of June 30, 2013 and 4,997 as of June 30, 2012
    
47
      
50
  
Common stock of $0.01 par value – authorized 300,000,000 shares;
                
 issued and outstanding 39,116,948 shares as of June 30, 2013 and 34,900,591 as of June 30, 2012, respectively
    
391,169
      
349,006
  
Additional paid-in capital
    
282,692,520
      
240,725,127
  
Accumulated deficit
    
(260,105,459
)
    
(239,243,285
)
Total stockholders’ equity
    
22,978,277
      
1,830,898
  
Total liabilities and stockholders’ equity
  
$
25,074,099
    
$
5,380,484