Palatin Technologies (PTN) Reports In-Line Q3 EPS

Palatin Technologies (NYSE: PTN) reported Q3 EPS of ($0.02), in-line with the analyst estimate of ($0.02).

Third Quarter Fiscal Year 2020 Financial Highlights

• Net loss of $(5.4) million, compared to $(5.7) million for the comparable quarter of 2019;
• Operating expenses of $5.7 million, compared to $5.8 million for the comparable quarter of 2019;
• Other income was $331,007, compared to $35,648 for the comparable quarter of 2019; and
• As of March 31, 2020, the Company had $88.9 million in cash and cash equivalents, compared to $91.5 million as of December 31, 2019, and no debt.

Recent Business Highlights and Updates

• Implemented multiple measures in response to the COVID-19 pandemic to safeguard the health and well-being of employees, their families, business partners and healthcare providers, while continuing to advance the Company's programs;
• A Phase 2 clinical study with PL9643 for dry eye disease started in January 2020. Data readout is targeted for the fourth quarter of calendar year 2020;
• A Phase 2 proof-of-concept clinical study with an oral formulation of PL8177 in ulcerative colitis patients is delayed due to the pandemic and is now targeted to start in the first half of calendar year 2021; and
• AMAG has stated that they anticipate finalizing the divestiture of Vyleesi within the next several months.

"The entire Palatin team thanks healthcare workers across the nation for their selfless efforts in the treatment and care of COVID-19 patients, and I would also like to thank all of our employees for their dedication and commitment to ensure the advancement of our development programs and clinical trial patient support," said Carl Spana Ph.D., President and CEO of Palatin. "Although Palatin has experienced limited adverse impact on operations from the pandemic, we are cognizant there may be further disruptions to business activity based on a resurgence of the virus and have taken steps to be as prepared as possible for this potential outcome."

Dr. Spana further commented, "We continue to review AMAG's process related to the divestiture of Vyleesi and their obligations under our license agreement and are prepared to take appropriate steps to protect our rights and Vyleesi's significant value."

For earnings history and earnings-related data on Palatin Technologies (PTN) click here.

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