Palatin Technologies Inc. (PTN) stock prices are up 1.66% to USD$0.55 in the current market trading on April 20th, 2021.
PTN Fiscal Report
The specialized biopharmaceutical company announced its fiscal reports for the quarter ended December 30th, 2020 on February 17th, 2021. PTN reported a net loss of USD$10 million for the quarter, compared to a net loss of USD$5.2 million for the same quarter of the previous year in 2019. This translates into a USD$0.04 loss per share for the 2020 quarter, down from USD$0.02 in loss per share in the same quarter of 2019.
Promising Financial Track Record
PTN reported USD$72.2 million in cash and cash equivalents in addition to USD$4.7 million in accounts receivable as of December 31st, 2020. This is compared to USD$82.9 million in cash and cash equivalents being reported as of June 30th, 2020, with no accounts receivables and no outstanding debt.
PTN Moving Forward
The company indicated positive uptrends according to their measured plan and investments. PTN anticipates returns with a sharp increase in payer reimbursements and increases in month-over-month prescription numbers in the double digits.
In reference to their dry eye disease treatment, December 2020 saw Palatin reporting results from their PL9643 Phase 2 study. The study indicated that improvement in multiple areas was achieved in patients suffering from moderate to severe symptoms. The findings were statistically significant, with the improvements becoming apparent after 2 weeks of dosing, as well as at the 12-week visit mark.
Patent Pending Approval
PTN has filed for international patenting of the composition of PL9643, as well as a related family of melanocortin agonist peptides. The application, under the Patent Corporation Treaty, established the base for the presumptive patent term. On being granted this patent, PTN could enjoy patent protection all the way through to 2041.
Scope of PL9643
With PL9643 designed to help treat ocular inflammation, PTN hopes it will revolutionize the treatment of dry eye disease. At present, existing therapies are largely regarded as inadequate by both patients and healthcare providers, with the treatments requiring up to several months for them to demonstrate significant activity. Given that more than 20 million people in the United States alone suffer from dry eye disease, the scope of PL9643 is massive.
Future Outlook for PTN
With developments still underway and the patent-pending, many investors have their eyes on PTN. Should the treatment be approved, and the patent granted, current and prospective investors anticipate a significant increase in shareholder value.