Palatin reports higher sales, lower net loss

May 9, 2005

Radiopharmaceutical developer Palatin Technologies reported a big gain in revenues and a lower net loss for the company's fiscal third quarter (end-March 31).

For the period, the Cranbury, NJ, posted sales of $2.8 million compared with sales of $200,000 in the same period the year before. The company had a fiscal third-quarter net loss of $3.9 million, compared with a net loss of $8 million for the same period in 2004.

The company said the improved numbers were primarily due to $2.3 million in revenue recognized in the quarter from its collaboration with King Pharmaceuticals for PT-141, a compound in development for treating sexual dysfunction. The company also generated $500,000 in product revenues from its NeutroSpec agent for diagnosing infections, which is being sold by Mallinckrodt of Hazelwood, MO.

By AuntMinnie.com staff writers
May 10, 2005

Palatin receives milestone payment, August 6, 2004

Mallinckrodt, Palatin get FDA approval, July 6, 2004

Palatin nets $22.7 million, January 30, 2004

Palatin raises $19 million, April 1, 2003

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