CRANBURY, N.J., March 23 /PRNewswire-FirstCall/ — Palatin Technologies, Inc. (NYSE Amex: PTN) announced today that it received $2.5 million from AstraZeneca AB pursuant to the September 2009 amendment of the exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity and related indications.
Payment of the $2.5 million was contingent on the successful completion by Palatin of certain tasks this quarter relating to the program. Palatin received an initial $2.5 million upon signing the September 2009 amendment.
Separately, Palatin announced receipt of a letter from NYSE Amex determining that Palatin successfully resolved the continued listing deficiencies referenced in a December 2008 letter from NYSE Amex.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company dedicated to the development of peptide, peptide mimetic and small molecule agonists with a focus on melanocortin and natriuretic peptide receptor systems. Palatin’s internally developed drug pipeline utilizes proprietary approaches to discover potent rigid conformers from flexible peptide starting points. Palatin’s strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies’ website at www.palatin.com.
SOURCE Palatin Technologies, Inc.