Radiopharmaceutical developer Palatin Technologies reported fourth quarter and fiscal year 2002 (end-June 30) results that show an increase in net loss and a downturn in revenues. For the quarter, the Cranbury, NJ-based firm reported revenues of $100,000 with a net loss of $5 million, compared with revenues of $40,000 and a net loss of $3.7 million for the same period in 2001. For the fiscal year, the company reported revenues of $280,000, with a net loss of $16.1 million, compared with revenues of $1.8 million and a net loss of $10.6 million the year before.
The increase in net loss was attributed to an increase in research and development costs for PT-141, a drug candidate for male and female sexual dysfunction, and LeuTech, an infection imaging agent that is pending U.S. Food and Drug Administration approval, as well as general and administrative expenses, according to the company.By AuntMinnie.com staff writers
October 1, 2002
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