- $4.1 million in Gross Product
Revenue
-
- 20% growth over 3Q23; 78% growth over 4Q22
- $1.7 million in Net Product
Revenue
-
- 42% growth over 3Q23; 122% growth over 4Q22
- 14% growth in prescriptions dispensed over 3Q23; 89% growth
over 4Q22
-
- 6 consecutive quarters of double-digit growth
- 20% growth in new healthcare prescribers over 3Q23
CRANBURY, N.J., July 11,
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
preliminary fiscal fourth quarter ended June
30, 2023 Vyleesi® product revenue results.
Vyleesi is the first and only as-needed treatment approved by the
U.S. Food and Drug Administration (FDA) for premenopausal women
with acquired, generalized hypoactive sexual desire disorder
(HSDD).
"We continue to execute on our commercial strategy of profitable
growth, as demonstrated by Vyleesi's quarterly growth in all key
operating metrics," stated Carl
Spana, Ph.D., President and CEO of Palatin. "We have shown
six consecutive quarters of double-digit growth, and importantly,
net revenue per prescriptions dispensed continues to improve as we
increase our overall prescriptions dispensed number, and quarterly
net product revenue for Vyleesi continues to grow and exceed
Vyleesi quarterly operating expenses."
• Preliminary Vyleesi product revenue results for the fourth
quarter fiscal 2023:
- Gross product revenue was $4.1
million, an increase of 20% over the third quarter of 2023,
and an increase of 78% over the comparable quarter in 2022.
- Net product revenue was $1.7
million, an increase of 42% over the third quarter of 2023,
and an increase of 122% over the comparable quarter
in 2022.
- Prescriptions dispensed increased 14% over the third quarter of
2023, and an increase of 89% over the comparable quarter
in 2022.
- Key operating and commercial metrics, including new patient
starts, refill rates, commercial insurance reimbursement, net
revenue per prescription dispensed, and new healthcare prescribers,
continued with positive and impactful results and trends, versus
the third quarter in 2023, and comparable quarter in 2022.
Preliminary Financial Information
The Vyleesi related financial and operating data for the fourth
fiscal quarter of 2023 is preliminary and may change. This
preliminary data has been prepared by, and is the responsibility
of, Palatin's management and no independent accounting firm has
audited, reviewed, compiled, or performed any procedures with
respect to this preliminary financial data. There can be no
assurance that Palatin's actual results for this quarterly period
will not differ from the preliminary financial and operating data
and such changes could be material. In addition, Palatin's estimate
of Vyleesi product revenues for the quarter ended June 30, 2023 should not be viewed as a
substitute for full financial statements prepared in accordance
with U.S. generally accepted accounting standards. Additional
information that will be material to investors will be provided in
the financial statements for the three and twelve months ended
June 30, 2023, and, accordingly,
investors should not place undue reliance on the limited
preliminary information being provided herein.
About Vyleesi® (bremelanotide injection) for
Hypoactive Sexual Desire Disorder (HSDD)
Vyleesi is the first and only as-needed treatment approved by
the FDA for premenopausal women with acquired, generalized
HSDD.
Palatin is actively seeking Vyleesi collaborations for
the United States and for
territories outside the currently licensed territories of
China and South Korea. Vyleesi is licensed to Fosun
Pharma in China and Kwangdong
Pharmaceuticals in South
Korea.
Patients and healthcare providers can learn more about HSDD and
Vyleesi at www.vyleesi.com and www.vyleesipro.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.
Forward-looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin, such as
statements about Vyleesi results and potential market, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and as that term is defined in the Private Securities
Litigation Reform Act of 1995. Palatin intends that such
forward-looking statements be subject to the safe harbors created
thereby. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause Palatin's
actual results to be materially different from its historical
results or from any results expressed or implied by such
forward-looking statements.
Palatin's actual results may differ materially from those
discussed in the forward-looking statements for reasons including,
but not limited to, results of clinical trials, regulatory actions
by the FDA and other regulatory and the need for regulatory
approvals, Palatin's ability to fund development of its technology
and establish and successfully complete clinical trials, the length
of time and cost required to complete clinical trials and submit
applications for regulatory approvals, products developed by
competing pharmaceutical, biopharmaceutical and biotechnology
companies, commercial acceptance of Palatin's products, and other
factors discussed in Palatin's periodic filings with the Securities
and Exchange Commission. Palatin is not responsible for updating
events that occur after the date of this press release.
Palatin Technologies® and Vyleesi® are
registered trademarks of Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.