Radiopharmaceutical developer Palatin Technologies reported a big gain in revenues and a lower net loss for the company's fiscal third quarter (end-March 31).
For the period, the Cranbury, NJ, posted sales of $2.8 million compared with sales of $200,000 in the same period the year before. The company had a fiscal third-quarter net loss of $3.9 million, compared with a net loss of $8 million for the same period in 2004.
The company said the improved numbers were primarily due to $2.3 million in revenue recognized in the quarter from its collaboration with King Pharmaceuticals for PT-141, a compound in development for treating sexual dysfunction. The company also generated $500,000 in product revenues from its NeutroSpec agent for diagnosing infections, which is being sold by Mallinckrodt of Hazelwood, MO.
By AuntMinnie.com staff writers
May 10, 2005
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