Delaware
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001-15543
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95-4078884
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(State or other jurisdiction
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(Commission
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(IRS employer
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of incorporation)
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File Number)
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identification number)
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4B Cedar Brook Drive, Cranbury, NJ
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08512
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(Address of principal executive offices)
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(Zip Code)
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PALATIN TECHNOLOGIES, INC.
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Date: September 9, 2014
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By:
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/s/ Stephen T. Wills
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Stephen T. Wills, CPA, MST
Executive Vice President, Chief Financial Officer and Chief Operating Officer
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●
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In September 2014, we announced the signing of a collaboration and license agreement with Gedeon Richter Plc., a European-based specialty pharmaceutical company with a strong focus in female healthcare, to co-develop and commercialize bremelanotide for female sexual dysfunction indications in the European Union, other European countries and additional selected countries.
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‒
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€7.5 million ($9.8 million) in total upfront payments received
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‒
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Milestone payment of €2.5 million ($3.3 million) due upon the initiation of Palatin’s phase 3 clinical trial program in the United States
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‒
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Palatin has the potential to receive up to €80 million ($105.6 million) in regulatory and sales related milestones, and low double-digit royalties on net sales in the licensed territory
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‒
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All sales, marketing, and commercial activities and associated costs in the licensed territory will be the sole responsibility of Gedeon Richter
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●
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Completed discussions and meetings with the Food and Drug Administration (FDA) on phase 3 protocols for our bremelanotide for female sexual dysfunction program in the United States.
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●
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Received comprehensive guidance from the European Medicines Agency on phase 3 protocols for bremelanotide for female sexual dysfunction in Europe.
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●
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Advanced our lead natriuretic peptide compound, PL-3994, a receptor-A agonist for treatment of cardiovascular and pulmonary indications.
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‒
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Phase 2A multiple dose clinical study in heart failure patients targeted for first half of calendar year 2015
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●
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Announced that the United States Patent and Trademark Office issued a Notice of Allowance for U.S. Patent Application Serial Number 13/311,824. The application includes composition of matter claims on a next generation of melanocortin receptor-specific peptides for sexual dysfunction, obesity, metabolic syndrome and other indications.
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●
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Clinical development candidate selected for our melanocortin receptor program for inflammation and dermatologic indications.
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‒
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First-in-human clinical trial targeted for first half of calendar year 2015
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●
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Received approximately $1.85 million in net proceeds from the sale of New Jersey state net operating loss carryforwards via the State of New Jersey's Technology Business Tax Certificate Transfer Program.
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●
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Announced that the United States Patent and Trademark Office issued two new patents to Palatin. Both patents support Palatin’s program developing synthetic mimetics of the neuropeptide hormone atrial natriuretic peptide. These mimetics may be useful in treatment of heart failure, hypertension, acute asthma and other indications.
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Palatin Technologies Investor Inquiries:
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Palatin Technologies Media Inquiries:
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Stephen T. Wills, CPA, MST
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Paul Arndt, MBA, LifeSci Advisors, LLC
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Chief Operating Officer / Chief Financial Officer
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Managing Director
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Tel: (609) 495-2200 / info@Palatin.com
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Tel: (646) 597-6992 / Paul@LifeSciAdvisors.com
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PALATIN TECHNOLOGIES, INC.
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||||||||||||||||
and Subsidiary
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||||||||||||||||
Consolidated Statements of Operations
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Quarter Ended June 30,
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Year Ended June 30,
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|||||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
REVENUES:
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||||||||||||||||
License and contract
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$ | - | $ | - | $ | - | $ | 10,361 | ||||||||
OPERATING EXPENSES:
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||||||||||||||||
Research and development
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2,596,188 | 2,795,021 | 10,826,921 | 10,528,691 | ||||||||||||
General and administrative
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1,724,638 | 1,925,079 | 4,960,731 | 5,066,830 | ||||||||||||
Total operating expenses
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4,320,826 | 4,720,100 | 15,787,652 | 15,595,521 | ||||||||||||
Loss from operations
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(4,320,826 | ) | (4,720,100 | ) | (15,787,652 | ) | (15,585,160 | ) | ||||||||
OTHER INCOME (EXPENSE):
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||||||||||||||||
Investment income
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4,310 | 5,717 | 18,923 | 42,734 | ||||||||||||
Interest expense
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(3,224 | ) | (3,665 | ) | (6,211 | ) | (8,411 | ) | ||||||||
Increase in fair value of warrants
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- | - | - | (7,069,165 | ) | |||||||||||
Gain on disposition of equipment
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- | - | - | 4,620 | ||||||||||||
Total other income (expense), net
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1,086 | 2,052 | 12,712 | (7,030,222 | ) | |||||||||||
Loss before income taxes
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(4,319,740 | ) | (4,718,048 | ) | (15,774,940 | ) | (22,615,382 | ) | ||||||||
Income tax benefit
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- | - | 1,846,646 | 1,753,208 | ||||||||||||
NET LOSS
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$ | (4,319,740 | ) | $ | (4,718,048 | ) | $ | (13,928,294 | ) | $ | (20,862,174 | ) | ||||
Basic and diluted net loss per common share
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$ | (0.04 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.21 | ) | ||||
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share
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106,735,765 | 106,435,741 | 106,679,476 | 97,618,714 | ||||||||||||
PALATIN TECHNOLOGIES, INC.
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||||||||
and Subsidiary
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Consolidated Balance Sheets
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||||||||
(Unaudited)
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||||||||
June 30, 2014
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June 30, 2013
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|||||||
ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 12,184,605 | $ | 19,167,632 | ||||
Short-term investments
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- | 5,249,654 | ||||||
Prepaid expenses and other current assets
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156,393 | 332,267 | ||||||
Total current assets
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12,340,998 | 24,749,553 | ||||||
Property and equipment, net
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160,748 | 266,415 | ||||||
Other assets
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57,308 | 58,131 | ||||||
Total assets
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$ | 12,559,054 | $ | 25,074,099 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 261,280 | $ | 338,726 | ||||
Accrued expenses
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1,508,958 | 1,701,727 | ||||||
Capital lease obligations
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- | 19,909 | ||||||
Unearned revenue
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1,000,000 | - | ||||||
Total current liabilities
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2,770,238 | 2,060,362 | ||||||
Deferred rent
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- | 35,460 | ||||||
Total liabilities
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2,770,238 | 2,095,822 | ||||||
Stockholders’ equity:
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||||||||
Preferred stock of $0.01 par value – authorized 10,000,000 shares;
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||||||||
Series A Convertible; issued and outstanding 4,697 shares as of June 30, 2014 and 2013, respectively
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47 | 47 | ||||||
Common stock of $0.01 par value – authorized 300,000,000 shares;
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||||||||
issued and outstanding 39,416,595 shares as of June 30, 2014 and 39,116,948 as of June 30, 2013, respectively
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394,166 | 391,169 | ||||||
Additional paid-in capital
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283,428,356 | 282,692,520 | ||||||
Accumulated deficit
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(274,033,753 | ) | (260,105,459 | ) | ||||
Total stockholders’ equity
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9,788,816 | 22,978,277 | ||||||
Total liabilities and stockholders’ equity
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$ | 12,559,054 | $ | 25,074,099 | ||||