Palatin Technologies Receives $4.1 Million From AstraZeneca
Palatin also said that it has earned a milestone payment of $2.5 million in connection with its collaboration and license agreement with AstraZeneca. Palatin anticipates receiving the $2.5 million in the current calendar quarter.
The company said that the $6.6 million received or to be received from AstraZeneca, coupled with $1.7 million that Palatin received from the sale of net operating losses to the State of New Jersey, $700,000 from the sale of non-core fixed assets, and its cash and cash equivalents balance, gives Palatin sufficient cash to fund its projected operations through calendar year 2009.
Cranbury, New Jersey-based Palatin Technologies is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential.
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