Palatin Technologies, Inc. (AMEX:PTN) Record Decrease of 124% in 2Q Profit

Palatin Technologies, Inc. (AMEX:PTN) reported its second fiscal quarter financial results on Tuesday, posting decrease of 124% in its net earnings for the quarter. For fiscal second quarter, the company posted a net loss of $1.1 million, or 9 cents a share, down 124% from net income of $4.5 million or 42 cents a share, for the same period in 2009. This decrease of 124% in profit is driven by decrease in revenue recognized under Palatin’s research collaboration and license and clinical trial collaboration agreements with AstraZeneca AB (AstraZeneca) as a result of the successful completion of the research collaboration portion of the agreements. Revenue of $1.04 million has been posted for the quarter, which consists of grant revenue received under the Patient Protection and Affordable Care Act of 2010 of $846,748 and contract revenue pursuant to the collaboration agreement with AstraZeneca of $195,408. The revenue declined 85.71% year over year to $1.04 million from $7.28 million in the same quarter last year. Operating expenses for the quarter decreased to $2.9 million from $3.8 million in the same quarter last year due to Palatin’s previously disclosed realignment of resources and reduction in staffing levels. At the end of the quarter, cash, cash equivalents and investments of the company stands at $3.7 million with current liabilities of $2.0 million. Shares of a biopharmaceutical company engaged in the development of peptide, peptide mimetic and small molecule agonist compounds with a focus on melanocortin and natriuretic peptide receptor systems went down by 15 cents or 12.82% and closed at $1.02 after the company recorded decline of 124% and 85.71% in its profit and revenue for the second fiscal quarter. The Stock opened at $1.10 and touched the intraday high of $1.10 and low of $1.01 with volume of 129,599 shares traded. The stock has 52 week range of $0.84-$3.50. The market capitalization of the stock stands at $12.08 million. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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