Palatin Provides Corporate Update And Highlights Strategic Priorities For Calendar Year 2024; Completed Asset Sale To Cosette Pharmaceuticals For Up To $171M; $12M Upfront Plus Sales-Based Milestones Of Up To $159M
Portfolio Pulse from Benzinga Newsdesk
Palatin Technologies, Inc. provided a corporate update, highlighting its strategic priorities for 2024, including clinical development milestones. The company completed the sale of Vyleesi to Cosette Pharmaceuticals for up to $171 million, with $12 million upfront and up to $159 million in sales-based milestones. Palatin is focusing on melanocortin receptor system modulators, with Phase 3 data for Dry Eye Disease expected in early Q1 2024, Phase 2 data for Ulcerative Colitis in Q1 and Q2 2024, and Phase 2 studies for obesity and male sexual dysfunction starting in Q1 2024.
January 08, 2024 | 3:34 pm
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Palatin Technologies completed the sale of Vyleesi to Cosette Pharmaceuticals for up to $171M, with $12M upfront and significant sales-based milestones. The company is advancing its clinical pipeline with several key data readouts expected in 2024.
The completion of the asset sale provides Palatin with immediate cash and potential future revenue, which is positive for the company's financial health. The focus on advancing its clinical pipeline with upcoming data readouts in 2024 may generate investor interest and potentially positive stock movement in anticipation of these milestones.
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