Palatin Technologies (PTN) Misses Q2 EPS by 3c

February 17, 2021 7:32 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

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.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Earnings, Management Comments

Related Entities

Earnings