Delaware
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001-15543
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95-4078884
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS employer 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: November 18, 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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Bremelanotide development for Female Sexual Dysfunction (FSD):
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‒
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€7.5M ($9.8M) total upfront payment - License, co-development and commercialization agreement with Gedeon Richter on bremelanotide in the European Union and selected countries
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September 4, 2014 received €6.7M ($8.8M); August 2013 received $1.0M
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One-half of the total upfront payments is non-refundable and was recognized in the quarter ended September 30, 2014
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Remaining one-half will be recognized as revenue upon initiation of the U.S. Phase 3 clinical trial program which is expected to be on or before December 31, 2014
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Palatin will receive €2.5M ($3.2M as of September 30, 2014) upon initiation of U.S. Phase 3 clinical trial program
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Palatin has potential to receive up to €20M ($25.3M as of September 30, 2014) in regulatory related milestones
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Palatin has potential to receive up to €60M ($75.9M as of September 30, 2014) in sales related milestones and low double-digit royalties on net sales in the licensed territory
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Palatin will contribute, with Gedeon Richter, to the costs of co-development activities for obtaining regulatory approval in Europe; Gedeon Richter will exclusively market bremelanotide for FSD in the licensed territory, and will be responsible for all sales, marketing and commercial activities, including associated costs, in the licensed territory
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The Company obtained patents during the quarter:
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A Notice of Allowance was issued by the United States Patent and Trademark Office (USPTO) on an application with claims on broad families of cyclic melanocortin receptor 1 specific peptides with potential utility for treatment of inflammatory diseases and disorders. This application issued as U.S. Patent No. 8,877,890 on November 4, 2014.
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U.S. Patent 8,828,926 issued September 9, 2014, claiming uses of the Company’s PL-3994 natriuretic peptide receptor product candidate for treatment of acute asthma and chronic obstructive pulmonary disease.
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A Notice of Allowance was issued by the USPTO on September 15, 2014 on U.S. Patent Application Serial Number 13/472,955, with claims on linear melanocortin receptor 1 specific peptides.
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U.S. Patent 8,846,601 issued September 30, 2014, claiming melanocortin receptor 4 specific peptides with potential utility for treatment of obesity, metabolic syndrome, diabetes and sexual dysfunction.
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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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Three Months Ended September 30,
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2014
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2013
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REVENUES:
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License revenue
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$ | 4,932,315 | $ | - | ||||
OPERATING EXPENSES:
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Research and development
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2,923,966 | 3,449,140 | ||||||
General and administrative
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1,114,461 | 1,043,510 | ||||||
Total operating expenses
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4,038,427 | 4,492,650 | ||||||
Income (loss) from operations
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893,888 | (4,492,650 | ) | |||||
OTHER INCOME (EXPENSE):
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Investment income
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3,799 | 5,319 | ||||||
Interest expense
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(1,730 | ) | (1,851 | ) | ||||
Foreign exchange transaction loss
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(101,283 | ) | - | |||||
Total other (expense) income, net
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(99,214 | ) | 3,468 | |||||
NET INCOME (LOSS)
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$ | 794,674 | $ | (4,489,182 | ) | |||
Basic net income (loss) per common share
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$ | 0.01 | $ | (0.04 | ) | |||
Diluted net income (loss) per common share
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$ | 0.01 | $ | (0.04 | ) | |||
Weighted average number of common shares outstanding used in computing basic net income (loss) per common share
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106,953,898 | 106,609,720 | ||||||
Weighted average number of common shares outstanding used in computing diluted net income (loss) per common share
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107,946,021 | 106,609,720 |
September 30,
2014
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June 30,
2014
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 17,787,720 | $ | 12,184,605 | ||||
Prepaid expenses and other current assets
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473,643 | 156,393 | ||||||
Total current assets
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18,261,363 | 12,340,998 | ||||||
Property and equipment, net
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133,155 | 160,748 | ||||||
Other assets
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57,088 | 57,308 | ||||||
Total assets
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$ | 18,451,606 | $ | 12,559,054 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 561,361 | $ | 261,280 | ||||
Accrued expenses
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2,160,407 | 1,508,958 | ||||||
Deferred revenue
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4,932,315 | 1,000,000 | ||||||
Total current liabilities
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7,654,083 | 2,770,238 | ||||||
Total liabilities
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7,654,083 | 2,770,238 | ||||||
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 September 30, 2014 and June 30, 2014, respectively
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47 | 47 | ||||||
Common stock of $0.01 par value – authorized 300,000,000 shares;
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issued and outstanding 39,490,161 shares as of September 30, 2014 and 39,416,595 as of June 30, 2014, respectively
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394,901 | 394,166 | ||||||
Additional paid-in capital
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283,641,654 | 283,428,356 | ||||||
Accumulated deficit
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(273,239,079 | ) | (274,033,753 | ) | ||||
Total stockholders’ equity
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10,797,523 | 9,788,816 | ||||||
Total liabilities and stockholders’ equity
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$ | 18,451,606 | $ | 12,559,054 |