Palatin, AstraZeneca initiate second AZD2820 phase I trial in obesity

Palatin Technologies, Inc. (NYSE Amex: PTN) today announced that a second phase I clinical trial of AZD2820, a subcutaneously-administered peptide melanocortin receptor partial agonist under development for the treatment of obesity, has commenced. AZD2820 is a clinical candidate selected by AstraZeneca from a collaborative research program with Palatin Technologies.

"We are excited to have our compound tested in studies that should ultimately establish what role melanocortin agonists may have in treating obesity," said Dr. Carl Spana, President and Chief Executive Officer of Palatin. "We are delighted that AstraZeneca is progressing the clinical development of AZD2820, a compound synthesized in our laboratories during the research collaboration."

The phase I single center study, conducted by AstraZeneca, is expected to enroll 72 obese but otherwise healthy male subjects, with a body mass index between 30 and 35 kg/m squared, in a randomized, single-blind, placebo-controlled, trial. The primary outcome of the study is to assess the safety, tolerability, pharmacokinetics and pharmacodynamics of AZD2820.

Pursuant to the terms of the research collaboration and license agreement with AstraZeneca, Palatin is eligible for milestone payments upon achieving development and regulatory milestones and further payments on achievement of sales targets, in addition to royalties on sales of approved products. AstraZeneca has responsibility for product commercialization, product discovery and development costs.