Palatin Technologies, Inc. (PTN) saw its loss narrow to $3.56 million, or $0.02 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.70 million, or $0.08 a share.
Revenues for the quarter were $10.82 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $3.01 million, compared with an operating loss of $12.09 million in the previous year period.
"Meeting our Phase 3 co-primary endpoints with bremelanotide and licensing the North American rights to AMAG were truly transformational for Palatin" said Stephen T. Wills, chief operating officer and chief financial officer of Palatin Technologies. "In addition to advancing the activities required to file an NDA with the FDA, we are progressing with discussions and negotiations with potential partners for other regions around the globe for bremelanotide. We are also excited to now be able to devote resources and attention to our other development programs, which address indications such as heart failure, ophthalmic disorders and inflammatory bowel diseases using targeted, receptor-specific peptides which we developed."
Working capital turns negative
Working capital of Palatin Technologies, Inc. has turned negative to $10.06 million on Mar. 31, 2017 from positive $11.55 million on Mar. 31, 2016. Current ratio was at 0.86 as on Mar. 31, 2017, down from 1.88 on Mar. 31, 2016.
Debt comes down
Palatin Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $16.06 million as on Mar. 31, 2017, down 18.35 percent or $3.61 million from $19.67 million on Mar. 31, 2016. Total debt was 26.21 percent of total assets as on Mar. 31, 2017, compared with 78.96 percent on Mar. 31, 2016.
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