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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Exhibit No. | Description | |
99 |
Press Release dated November 12, 2015
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PALATIN TECHNOLOGIES, INC.
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Date: November 12, 2015
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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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Exhibit No. | Description | |
99 |
Press Release dated November 12, 2015
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● |
Bremelanotide development for Female Sexual Dysfunction (FSD):
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o |
Palatin’s two Phase 3 clinical trials for the treatment of FSD initiated in December 2014 and January 2015 are progressing as planned and meeting target objectives.
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o |
Patient enrollment is over 90% complete and is expected to be completed by the end of this calendar year.
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o |
Top-line results are expected to be released in the third quarter of calendar year 2016.
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o |
The clinical trials are designed to randomize approximately 1,100 women (~550 each trial) to evaluate efficacy and safety of subcutaneous bremelanotide in premenopausal women with hypoactive sexual desire disorder as an on-demand, as-needed treatment. For more information visit reconnectstudy.com.
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● |
Financing Transactions
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o |
July 2015, Palatin closed on $30 million of debt and equity financing consisting of:
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■ | $10 million venture loan, which includes an interest-only payment period for the first eighteen months of a four year secured term loan. | |||
■ | $20 million private placement of Series E warrants to purchase 21,917,808 shares of common stock and Series F warrants to purchase 2,191,781 shares of common stock. |
Three Months Ended September 30,
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2015
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2014
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|||||||
REVENUES:
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License revenue
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$ | - | $ | 4,932,315 | ||||
OPERATING EXPENSES:
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Research and development
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10,597,714 | 2,923,966 | ||||||
General and administrative
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1,199,937 | 1,114,461 | ||||||
Total operating expenses
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11,797,651 | 4,038,427 | ||||||
(Loss) income from operations
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(11,797,651 | ) | 893,888 | |||||
OTHER INCOME (EXPENSE):
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Interest income
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15,740 | 3,799 | ||||||
Interest expense
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(628,008 | ) | (1,730 | ) | ||||
Foreign exchange transaction loss
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- | (101,283 | ) | |||||
Total other income (expense), net
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(612,268 | ) | (99,214 | ) | ||||
NET (LOSS) INCOME
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$ | (12,409,919 | ) | $ | 794,674 | |||
Basic net (loss) income per common share
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$ | (0.08 | ) | $ | 0.01 | |||
Diluted net (loss) income per common share
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$ | (0.08 | ) | $ | 0.01 | |||
Weighted average number of common shares outstanding used in computing basic net (loss) income per common share
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156,357,755 | 106,953,898 | ||||||
Weighted average number of common shares outstanding used in computing diluted net (loss) income per common share
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156,357,755 | 107,946,021 |
September 30,
2015
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June 30,
2015
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 47,523,791 | $ | 27,299,268 | ||||
Prepaid expenses and other current assets
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1,810,151 | 1,896,747 | ||||||
Total current assets
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49,333,942 | 29,196,015 | ||||||
Property and equipment, net
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130,199 | 123,158 | ||||||
Other assets
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219,983 | 155,279 | ||||||
Total assets
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$ | 49,684,124 | $ | 29,474,452 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 3,436,844 | $ | 1,106,484 | ||||
Accrued expenses
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6,247,586 | 6,223,483 | ||||||
Notes payable, net of discount
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907,259 | - | ||||||
Capital lease obligations
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26,251 | 25,871 | ||||||
Total current liabilities
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10,617,940 | 7,355,838 | ||||||
Notes payable, net of discount, net of current portion
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18,618,459 | 9,781,086 | ||||||
Capital lease obligations
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35,041 | 41,749 | ||||||
Other non-current liabilities
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178,261 | 91,304 | ||||||
Total liabilities
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29,449,701 | 17,269,977 | ||||||
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 4,030 shares as of September 30, 2015 and 4,697 shares as of June 30, 2015, respectively
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40 | 47 | ||||||
Common stock of $0.01 par value – authorized 300,000,000 shares;
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issued and outstanding 68,029,352 shares as of September 30, 2015 and 57,128,433 shares as of June 30, 2015, respectively
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680,293 | 571,284 | ||||||
Additional paid-in capital
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323,663,325 | 303,332,460 | ||||||
Accumulated deficit
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(304,109,235 | ) | (291,699,316 | ) | ||||
Total stockholders’ equity
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20,234,423 | 12,204,475 | ||||||
Total liabilities and stockholders’ equity
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$ | 49,684,124 | $ | 29,474,452 | ||||