Palatin Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2023
September 28, 2023 at 12:30 pm
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Palatin Technologies, Inc. reported earnings results for the fourth quarter and full year ended June 30, 2023. For the fourth quarter, the company reported revenue was USD 1.76 million compared to USD 0.770738 million a year ago. Net loss was USD 10.71 million compared to USD 12.77 million a year ago. Basic loss per share from continuing operations was USD 0.91 compared to USD 1.34 a year ago.
For the full year, revenue was USD 4.85 million compared to USD 1.47 million a year ago. Net loss was USD 27.54 million compared to USD 36.2 million a year ago. Basic loss per share from continuing operations was USD 2.53 compared to USD 3.79 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 system. The Companyâs product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with unmet medical needs and commercial potential. Its new product development activities focus primarily on MC1r agonists, with the potential to treat inflammatory and autoimmune diseases, such as dry eye disease, which is also known as keratoconjunctivitis sicca, uveitis, diabetic retinopathy, and inflammatory bowel disease. It is also 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. Its product candidates include PL9643 for dry eye disease and PL8177 for the treatment of ulcerative colitis.