Palatin Technologies receives $2.5M to develop and commercialize compounds for treating obesity

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Mar 24 2010Palatin Technologies, Inc.

Palatin Technologies, Inc. (NYSE Amex: PTN) announced today that it received $2.5 million from AstraZeneca AB pursuant to the September 2009 amendment of the exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity and related indications.

Payment of the $2.5 million was contingent on the successful completion by Palatin of certain tasks this quarter relating to the program.  Palatin received an initial $2.5 million upon signing the September 2009 amendment.

Separately, Palatin announced receipt of a letter from NYSE Amex determining that Palatin successfully resolved the continued listing deficiencies referenced in a December 2008 letter from NYSE Amex.  

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Palatin Technologies, Inc.

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