Radiopharmaceutical developer Palatin Technologies of Cranbury, NJ, has received cash for an extension of an exclusive research collaboration and license agreement with pharmaceutical firm AstraZeneca to develop and market compounds that target melanocortin receptors, the company said.
Under terms of the agreement, AstraZeneca has given Palatin $4.1 million to extend the collaboration, as well as a milestone payment of $2.5 million which Palatin will receive in the current calendar quarter.
The $6.6 million from AstraZeneca, along with $1.7 million Palatin received from the sale of its net operating losses to the state of New Jersey, $700,000 from the sale of fixed assets, and other cash, gives Palatin sufficient funds for its operations throughout 2009, the company said.
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