Palatin, AstraZeneca Obesity Drug Trial Halted on Adverse Event

Date : 06/19/2012 @ 8:34AM
Source : Dow Jones News
Stock : Palatin Technologies, Inc. (PTN)
Quote : 0.4398  0.0 (0.00%) @ 6:50AM

Palatin, AstraZeneca Obesity Drug Trial Halted on Adverse Event

Palatin (AMEX:PTN)
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   By Kristin Jones 
 

Palatin Technologies Inc. (PTN) said a clinical trial for an obesity drug under development as part of a collaboration with AstraZeneca PLC (AZN, AZN.LN) has been halted after a man enrolled in the study became ill.

The safety review committee of AstraZeneca PLC (AZN), which was conducting the trial, halted the Phase 1 trial of AZD2820 after a serious adverse event was reported. The affected subject, who may have suffered an allergic reaction after his first dose, was treated at the site and has fully recovered. A review and investigation of the incident has begun.

"We are pleased that the subject has fully recovered from this unfortunate adverse event and we will work closely with our partner AstraZeneca to investigate the cause of this incident and the overall plans for the AZD2820 program," said Palatin's Chief Executive Carl Spana.

AstraZeneca, which is the U.K.'s second-biggest drug company, remains committed to collaborating with Palatin on the continued development of obesity treatments, Dr. Spana said.

The Phase I study of AZD2820 had enrolled 72 obese but otherwise healthy men for a placebo-controlled trial. Eleven of them had completed their dosing regimen before the trial was halted. The study had been assessing the safety, tolerability and other effects of AZD2820. Another study of the same drug was completed in 2011 without any reported serious adverse events.

Under the terms of the collaboration with AstraZeneca, Palatin is eligible for milestone payments upon reaching certain developments, in addition to royalties on sales. AstraZeneca has responsibility for the drug's commercialization, and discovery and development costs.

Palatin shares closed at 52 cents on Monday and were inactive premarket. The stock is up 28% so far this year.

AstraZeneca's American depositary shares were up 1.4% to $42.75 in premarket trading. Through Monday's close, the equity was down 8.9% so far this year.

Write to Kristin Jones at kristin.jones@dowjones.com




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