Net product revenue for prescriptions
dispensed increased 20%
Prescriptions dispensed increased 17%, over
prior quarter
Refills accounted for over 50% of
prescriptions dispensed
CRANBURY, N.J., Oct. 13,
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 receptor system, today announced
preliminary first quarter fiscal year 2023 Vyleesi® product sales
results. 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 continued quarter over quarter
growth on net product revenue and prescriptions dispensed for the
quarter ended September 30, 2022,"
stated Carl Spana, Ph.D., President
and CEO of Palatin. "We are especially pleased with our
prescription refill rate, which now exceeds 50% of total
prescriptions dispensed, and is the top indicator of patient
satisfaction with Vyleesi."
- Preliminary Vyleesi product sales results for the first fiscal
quarter of 2023 ended September 30,
2022:
-
- Net product revenue for prescriptions dispensed increased 20%
to $856,000 over the prior
quarter;
-
- increased 400% over the comparable quarter in fiscal 2022.
- Total prescriptions dispensed increased 17% over the prior
quarter;
-
- increased 108% over the comparable quarter in fiscal 2022.
Preliminary Financial
Information
The Vyleesi related financial and operating data for the first
fiscal quarter of 2023 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 quarter ended September 30, 2022 should not be viewed as a
substitute for full financial statements 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 months ended September 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 the United States 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 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, such as
statements about Vyleesi results and potential market, 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, 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.