- 15.4% increase in net product revenue over the prior
quarter
-
- 1,290% increase over the comparable quarter in 2021
- 11.5% increase in prescriptions dispensed over the prior
quarter
-
- Increased 134% over the comparable quarter in 2021
CRANBURY, N.J., January 5,
2023 /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 fiscal second quarter ended December 31, 2022 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 excited with Vyleesi's continued quarter over quarter
increases across all value metrics, most notably regarding net
product sales and prescriptions dispensed," stated Carl Spana, Ph.D., President and CEO of Palatin.
"We are especially pleased that net product revenue of $1.0 million for the quarter ended December 31, 2022, exceeded Vyleesi operating
expenses."
- Preliminary Vyleesi product sales results for the fiscal second
quarter ended December 31, 2022:
-
- Gross product sales were $2.6
million, an increase of 14.1% over the prior quarter, and an
increase of 238% over the comparable quarter in 2021.
- Net product revenue was $1.0
million, an increase of 15.4% over the prior quarter, and an
increase of 1,290% over the comparable quarter in 2021.
- Total prescriptions dispensed increased 11.5% over the prior
quarter and increased 134% over the comparable quarter in
2021.
- Refill rates, commercial insurance reimbursement, and net
revenue per prescription dispensed, increased over the prior
quarter and comparable quarter in 2021.
Preliminary Financial
Information
The Vyleesi related financial and operating data for the second
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 December 31, 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 December 31, 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.