PTN $2.70 +11%next levels $3.02 $3.10 and $3.20 if it runs definitely want at least $2.50 to hold as support or dump
Palatin to receive $12 million upfront, plus sales-based milestones of up to $159 million
Palatin's focus is solely on its development and clinical pipeline based on the melanocortin receptor system
CRANBURY, N.J., Dec. 20, 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 the sale of Vyleesi® to Cosette Pharmaceuticals, a US-based, speciality pharmaceutical company, for up to $171 million, consisting of an upfront purchase price of $12 million plus contingent, sales-based milestone payments of up to $159 million. Vyleesi is the first and only as-needed treatment approved by the Food and Drug Administration (FDA) for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).
"The divestiture of Vyleesi is consistent with our strategic decision to concentrate on our robust development and clinical pipeline," stated Carl Spana, Ph.D., President and Chief Executive Officer of Palatin. "Our focus now is solely on developing novel therapeutics that modulate the melanocortin receptor system. Our Phase 3 PL9643 clinical study for dry eye disease has completed patient enrollment and treatment, and we look forward to the availability of topline data results in the near future. Our Phase 2 study of oral PL8177 in patients with ulcerative colitis is expected to have an interim analysis readout in the first quarter and topline trial results in the second quarter of calendar year 2024."
"Vyleesi is an important product for the millions of women suffering from HSDD. Cosette is committed to women's healthcare, and we are pleased they will make Vyleesi a priority in their current product portfolio," concluded Dr. Spana.
"Vyleesi is an important addition to our rapidly expanding women's health platform," said Apurva Saraf, President and Chief Executive Officer of Cosette. "HSDD is the most prevalent form of female sexual dysfunction, affecting approximately six million premenopausal women in the U.S. Through this acquisition, our mission is to give hope, support, and a safe and effective treatment option for millions of women."
Under the terms of the asset purchase agreement with Cosette, Palatin will receive $12 million upfront. Palatin is also eligible to receive up to $159 million contingent upon the achievement of sales milestones ranging from annual net sales of $15 million to $200 million. Palatin will transfer to Cosette all information, data, and assets related exclusively to Vyleesi. Palatin will provide certain transitional services to Cosette for a period of time to ensure continued patient access to Vyleesi while Vyleesi is operationally separated from Palatin. Cosette will reimburse Palatin for the costs of the transition services. Palatin is also eligible to receive regulatory approval milestones of $10.5 million associated with the previous licensing of Vyleesi, consisting of $7.5 million related to Fosun for China and $3.0 million related to Kwangdong for S. Korea.
About Cosette Pharmaceuticals, Inc,
Cosette Pharmaceuticals, Inc. ("Cosette") is a US-based, fully integrated pharmaceutical company with a fast-growing portfolio of branded pharmaceuticals consisting of products in women's health, cardiology and dermatology. Cosette has a long history in quality manufacturing of complex dosage forms including topical creams, ointments, oral liquids/solutions and suppositories. Cosette has corporate and manufacturing facilities in New Jersey and North Carolina and is supported by 300+ dedicated employees across all functional areas. Cosette is backed by Avista Capital Partners, a healthcare focused private equity firm. www.cosettepharma.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.
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