Palatin Technologies (PTN) Misses Q2 EPS by 3c

Palatin Technologies (NYSE: PTN) reported Q2 EPS of ($0.04), $0.03 worse than the analyst estimate of ($0.01).

• Net loss for the quarter was $(10.0) million, or $(0.04) per share, compared to a net loss of $(5.2) million, or $(0.02) per share for the comparable quarter of 2019;
  • The increase in net loss was primarily attributable to commercial expenses related to Vyleesi and to PL9643's Phase 2 study for the treatment of dry eye disease.

"Working through the melanocortin system, PL9643 is a novel approach to treating dry eye disease. The emerging profile of PL9643, with its rapid therapeutic onset and excellent tolerability profile, is a potentially distinct advance in dry eye therapy," stated Carl Spana, Ph.D., President and CEO of Palatin. "The positive PL9643 Phase 2 study results identify the most appropriate patient population, endpoints, and timepoints for the next study, which is a Phase 2/3 study targeted for mid-calendar year 2021, with data readout in the first half of calendar year 2022. Regarding Vyleesi, our measured plan and investment is showing positive trends and returns with a significant rise in payer reimbursement and double-digit increases to month over month prescription numbers continuing through January 2021."

For earnings history and earnings-related data on Palatin Technologies (PTN) click here.

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