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Palatin Technologies, Inc. is a biopharmaceutical company headquartered in
Cranberry, New Jersey. The company focuses on develop and market products and
technologies for diagnostic imaging and drug development. The company currently
is developing melanocortin-based pharmaceuticals. Melanocortin receptors are
involved in the control of the endocrine, autonomic and central nervous systems.
Palatin believes melanocortin-based research is one of the fastest growing and
most promising areas of development. Palatin’s marketing strategy is to research
and develop products and then form marketing collaborations with industry
leaders to maximize the products’ commercial potential. Two of the companies
that Palatin has formed collaborations with are Mallinckrodt and King
Pharmaceuticals. As of December 31, 2005 Palatin (traded on AMEX as PIN) had 59
million common shares and 73 million diluted shares outstanding.
Currently
Palatin
Technologies in collaborative conjunction with King Pharmaceuticals, is
developing Bremelanotide (formerly PT141) a drug for treatment of sexual
dysfunction in both men and women. Palatin and King will share costs and profits
from Bremelanotide once it is on the market. In conjunction with Mallinckrodt.
Palatin manufactured Neutrospec which was used in the imaging of patients with
signs of appendicitis, but in December 2005 voluntarily suspended sales due to
adverse reactions in patients being treated with Neutrospec. Palatin is
currently doing research on congestive heart failure, obesity and cachexia (loss
of weight, muscle wasting, fatigue, weakness in someone who is not actively
trying to lose weight). Palatin also developed Metal Ion-induced Distinctive
Array of Structure (MIDAS) used for developing drugs to treat diseases or for
diagnostic imaging.
In April 2006 Palatin completed its $27 million offering of the sale of 11
million units of its common stock. Palatin plans to use the proceeds from the
offering, after deducting offering costs, for general corporate purposes,
including the clinical development of its major product candidate, bremelanotide. |
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