Palatin Technologies Inc (PTN) has released an update.
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On January 30 and February 1, 2024, the Company announced the commencement and closing of an Offering, respectively. Additionally, the Company completed the sale of Vyleesi, an FDA-approved treatment for premenopausal women with hypoactive sexual desire disorder, to Cosette Pharmaceuticals, Inc. This sale aligns with the Company’s focus on its clinical pipeline and includes an upfront payment of $9.5 million, with the potential for up to $159 million in sales milestones, and $10.5 million in regulatory approval milestones. The financial impact of Vyleesi’s net operating results on the Company is deemed not material.
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For a comprehensive understanding of the announcement, you can read the full document here.