![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Tuesday, January 22, 2008 9:27:00 AM
Palatin Technologies Announces Litigation Settlement With Competitive Technologies
CRANBURY, N.J., Jan. 22 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN) announced today that it entered into an agreement to settle all outstanding litigation and disputes with Competitive Technologies, Inc. (Amex: CTT) related to a license agreement between the companies. Under the terms of the settlement, Palatin retains all rights to bremelanotide, its peptide in clinical development for male erectile dysfunction and female sexual dysfunction, with no obligations for any future payments to Competitive Technologies.
Both the pending arbitration initiated by Competitive Technologies and the action in Connecticut Superior Court will be dismissed with prejudice. The existing license agreement between Palatin and Competitive Technologies has been terminated, with Competitive Technologies receiving all rights to a peptide developed at the University of Arizona and called MT-II or PT-14, which Palatin ceased developing in 2000. As part of the settlement, Palatin remitted a one-time payment to Competitive Technologies of $800,000.
'We are pleased that Palatin's full rights to bremelanotide are no longer in question,' stated Carl Spana, Ph.D., President and Chief Executive Officer of Palatin. 'Facing significant legal costs in the coming months in preparation for the actual arbitration hearing and removing the uncertainty inherent in litigation were the driving factors for Palatin to settle this ongoing dispute. With this favorable outcome and the matter now behind us, we look forward to continuing to develop bremelanotide and our other product candidates.'
Palatin owns patents, issued in the United States and foreign countries, which claim bremelanotide and use of bremelanotide in treating sexual dysfunction. Palatin's United States patents for bremelanotide do not expire until 2020 or later.
About Palatin Technologies, Inc.
Recent PTN News
- Palatin Announces Exercise of Warrants for Approximately $6.1 Million Gross Proceeds • PR Newswire (US) • 06/21/2024 12:00:00 PM
- Palatin Announces the Initiation of a Phase 2 Clinical Study of Bremelanotide Co-Administered with a PDE5i for the Treatment of Erectile Dysfunction (ED) • PR Newswire (US) • 06/20/2024 11:30:00 AM
- Palatin Initiates Phase 2 Clinical Study of Bremelanotide for the Treatment of Obesity • PR Newswire (US) • 06/12/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 12:40:59 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 12:04:24 PM
- Palatin Reports Third Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update • PR Newswire (US) • 05/15/2024 11:30:00 AM
- Palatin to Report Third Quarter Fiscal Year 2024 Results; Teleconference and Webcast to be held on May 15, 2024 • PR Newswire (US) • 05/09/2024 11:30:00 AM
- Palatin Announces FDA Clearance of IND Application for the Co-Administration of Bremelanotide with Tirzepatide (GLP-1) for the Treatment of Obesity • PR Newswire (US) • 05/02/2024 11:30:00 AM
- Palatin to Host Virtual KOL Event "Beyond GLPs: The Multiple Roles for Novel Melanocortin Receptor 4 Agonists in Treating Obesity and Weight Loss Maintenance" on May 8, 2024 • PR Newswire (US) • 04/30/2024 11:30:00 AM
- Palatin Announces Phase 3 PL9643 MELODY-1 Dry Eye Disease (DED) Clinical Data Results Presented at American Society of Cataract and Refractive Surgery (ASCRS) 2024 • PR Newswire (US) • 04/08/2024 11:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 10:02:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 05:57:44 PM
- Palatin Announces Results of PL9643 MELODY-1 Pivotal Phase 3 Clinical Trial in Patients with Dry Eye Disease (DED) • PR Newswire (US) • 02/28/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/15/2024 02:00:22 PM
- Palatin Reports Second Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update • PR Newswire (US) • 02/15/2024 12:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/14/2024 09:17:03 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 07:55:16 PM
- Palatin to Report Second Quarter Fiscal Year 2024 Results; Teleconference and Webcast to be held on February 15, 2024 • PR Newswire (US) • 02/09/2024 12:30:00 PM
- Palatin Announces Database Lock for PL9643 MELODY-1 Pivotal Phase 3 Clinical Trial in Patients with Dry Eye Disease (DED) • PR Newswire (US) • 02/05/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/01/2024 10:16:03 PM
- Palatin Announces Closing of $10 Million Registered Direct Offering • PR Newswire (US) • 02/01/2024 09:00:00 PM
- Palatin Announces $10 Million Registered Direct Offering • PR Newswire (US) • 01/30/2024 01:00:00 PM
- Palatin Provides Corporate Update and Highlights Strategic Priorities for Calendar Year 2024 • PR Newswire (US) • 01/08/2024 03:33:00 PM
- Cosette Pharmaceuticals Acquires Vyleesi® (Bremelanotide Injection) from Palatin Technologies Inc. • Business Wire • 01/03/2024 01:00:00 PM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM