Palatin Technologies (PTN) Misses Q4 EPS by 3c; Updates on Cash Postion
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Palatin Technologies (NYSE: PTN) reported Q4 EPS of ($0.09), $0.03 worse than the analyst estimate of ($0.06).
Palatin's cash, cash equivalents and investments were $9.4 million as of June 30, 2016, compared to cash and cash equivalents of $27.3 million at June 30, 2015. Current liabilities were $14.0 million as of June 30, 2016, compared to $7.4 million as of June 30, 2015.
Palatin believes that existing capital resources, together with approximately $8.5 million received from the August 2016 financing, will be adequate to fund our planned operations through the quarter ending December 31, 2016. Assuming the double blind efficacy portion of the Phase 3 clinical trial of bremelanotide for HSDD is successful, as to which there can be no assurance, we will need additional funding to complete required ancillary studies and clinical trials, prepare and submit regulatory filings for product approval, and establish commercial scale manufacturing capability.
For earnings history and earnings-related data on Palatin Technologies (PTN) click here.
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