Contrast agent developer Palatin Technologies reported that increased R&D costs increased the company's net loss in its first fiscal quarter (end-September 30).
Revenues totaled $5.1 million, compared with $4.5 million for the same quarter of 2004. Palatin reported a net loss of $6 million, compared with a net loss of $3 million in the same quarter a year ago.
The Cranbury, NJ, company also noted that lower license fees from marketing partner Mallinckrodt of Hazelwood, MO, related to NeutroSpec, the company's product for imaging and diagnosing equivocal appendicitis, as another reason for the quarterly net loss.
By AuntMinnie.com staff writers
November 8, 2005
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