Gross product sales increased 75%
and
Prescriptions dispensed increased 45%, over prior
quarter
CRANBURY, N.J., July 26,
2022 /PRNewswire/ -- Palatin Technologies, Inc.
(NYSE American: PTN), a biopharmaceutical company developing
first-in-class medicines based on molecules that modulate the
activity of the melanocortin and natriuretic peptide receptor
systems, today announced preliminary fourth quarter 2022 Vyleesi®
product sales. Vyleesi is the first and only as-needed treatment
approved by the U.S. Food and Drug Administration (FDA) for
premenopausal women with acquired, generalized hypoactive sexual
desire disorder (HSDD).
"We are pleased with Vyleesi's momentum and our preliminary
product sales results for the quarter ended June 30, 2022," stated Carl Spana, Ph.D., President and CEO of Palatin.
"Our operating results, which includes significant increases across
all sales and distribution value metrics, compared to both the
prior quarter and the comparable quarter in 2021, continue to
demonstrate Vyleesi's potential within the female sexual healthcare
market."
- Preliminary fourth quarter ended June
30, 2022 Vyleesi results:
-
- Net product revenue increased 225% over the prior quarter;
-
- increased 600% over the comparable quarter in 2021.
- Gross product sales increased 75% over the prior quarter;
-
- increased 90% over the comparable quarter in 2021.
- Total prescriptions dispensed increased 45% over the prior
quarter;
-
- increased 50% over the comparable quarter in 2021.
Preliminary Financial
Information
The Vyleesi related financial and operating data for the fourth
quarter of fiscal 2022 is preliminary and may change. This
preliminary data has been prepared by, and is the responsibility
of, Palatin's management and no independent accounting firm has
audited, reviewed, compiled, or performed any procedures with
respect to this preliminary financial data. There can be no
assurance that Palatin's actual results for this quarterly period
will not differ from the preliminary financial and operating data
and such changes could be material. In addition, Palatin's estimate
of Vyleesi product sales for the fourth quarter of 2022 should not
be viewed as a substitute for full financial statements for the
fourth quarter and full year of fiscal 2022 prepared in accordance
with U.S. generally accepted accounting standards. Additional
information that will be material to investors will be provided in
the financial statements for the three and twelve months ended
June 30, 2022, and, accordingly,
investors should not place undue reliance on the limited
preliminary information being provided herein.
About Vyleesi® (bremelanotide
injection) for Hypoactive Sexual Desire Disorder
(HSDD)
Vyleesi is the first and only as-needed treatment approved by
the FDA for premenopausal women with acquired, generalized
HSDD.
Palatin is actively seeking Vyleesi collaborations for
North America and for territories
outside the currently licensed territories of China and Korea. Vyleesi is licensed to Fosun
Pharma in China and Kwangdong
Pharmaceuticals in South
Korea.
Patients and healthcare providers can learn more about HSDD and
Vyleesi at www.vyleesi.com and www.vyleesipro.com.
About Palatin
Palatin is a biopharmaceutical company developing first-in-class
medicines based on molecules that modulate the activity of the
melanocortin and natriuretic peptide receptor systems, with
targeted, receptor-specific product candidates for the treatment of
diseases with significant unmet medical need and commercial
potential. Palatin's strategy is to develop products and then form
marketing collaborations with industry leaders to maximize their
commercial potential. For additional information regarding Palatin,
please visit Palatin's website at www.Palatin.com and follow
Palatin on Twitter at @PalatinTech.
Forward-looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin
Technologies, Inc., such as statements about market potential of
Vyleesi and other Palatin products in development, clinical trial
results, potential actions by regulatory agencies including the
FDA, regulatory plans, development programs, proposed indications
for product candidates, market potential for product candidates,
and potential adverse impacts due to the global COVID-19 pandemic
such as delays in regulatory review, manufacturing and supply chain
interruptions, adverse effects on healthcare systems and disruption
of the global economy, are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995. Palatin
intends that such forward-looking statements be subject to the safe
harbors created thereby. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause Palatin's actual results to be materially different from its
historical results or from any results expressed or implied by such
forward-looking statements. Palatin's actual results may differ
materially from those discussed in the forward-looking statements
for reasons including, but not limited to, Palatin's ability to
establish and maintain the capability for manufacturing, marketing
and distribution of Vyleesi, sales of Vyleesi in the United States and elsewhere in the world,
results of clinical trials, regulatory actions by the FDA and other
regulatory and the need for regulatory approvals, Palatin's ability
to fund development of its technology and establish and
successfully complete clinical trials, the length of time and cost
required to complete clinical trials and submit applications for
regulatory approvals, products developed by competing
pharmaceutical, biopharmaceutical and biotechnology companies,
commercial acceptance of Palatin's products, and other factors
discussed in Palatin's periodic filings with the Securities and
Exchange Commission. Palatin is not responsible for updating
for events that occur after the date of this press release.
Palatin Technologies® and Vyleesi® are registered trademarks of
Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.