Palatin Technologies, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023
February 14, 2024 at 04:17 pm EST
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Palatin Technologies, Inc. reported earnings results for the second quarter and six months ended December 31, 2023. For the second quarter, the company reported net loss was USD 7.84 million compared to net income of USD 2.71 million a year ago. Basic loss per share from continuing operations was USD 0.56 compared to basic earnings per share from continuing operations of USD 0.25 a year ago.
For the six months, net loss was USD 13.05 million compared to USD 5.55 million a year ago. Basic loss per share from continuing operations was USD 0.99 compared to USD 0.54 a year ago.
Palatin Technologies, Inc. is a biopharmaceutical company. The Company is engaged in developing medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with unmet medical need and commercial potential. Its new product development activities focus primarily on MC1r agonists, with potential to treat inflammatory and autoimmune diseases, such as dry eye disease, known as keratoconjunctivitis sicca, uveitis, diabetic retinopathy, and inflammatory bowel disease. It is also engaged developing peptides that are active at more than one melanocortin receptor, and MC4r peptide and small molecule agonists with potential utility in obesity and metabolic-related disorders, including rare disease and orphan indications. It has completed Phase III PL9643 clinical study for dry eye disease. It is also conducting Phase II study of oral PL8177 in patients with ulcerative colitis.