Palatin Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024
May 15, 2024 at 05:00 pm IST
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Palatin Technologies, Inc. reported earnings results for the third quarter and nine months ended March 31, 2024. For the third quarter, the company reported net loss was USD 8.44 million compared to USD 8.67 million a year ago. Basic loss per share from continuing operations was USD 0.53 compared to USD 0.76 a year ago. Diluted loss per share from continuing operations was USD 0.53 compared to USD 0.76 a year ago.
For the nine months, net loss was USD 21.49 million compared to USD 14.22 million a year ago. Basic loss per share from continuing operations was USD 1.53 compared to USD 1.34 a year ago. Diluted loss per share from continuing operations was USD 1.53 compared to USD 1.34 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.