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Palatin Technologies, Inc. Issued U.S. Patent and Receives Patent Allowance on Seven Additional Patents

May 4, 2010

CRANBURY, N.J., May 4 /PRNewswire/ — Palatin Technologies, Inc. (NYSE Amex: PTN) announced that the U.S. Patent and Trademark Office issued U.S. Patent No. 7,709,484, titled “Substituted Melanocortin Receptor-Specific Piperazine Compounds,” today. The claims in the issued patent relate to small molecule compounds which bind to melanocortin receptors.

Palatin has received Notices of Allowance from the U.S. Patent and Trademark Office on four additional patent applications relating to small molecule compounds which bind to melanocortin receptors, U.S. Patent Application Numbers 11/036,282; 11/099,814; 11/464,051 and 11/464,069.

Palatin has also received Notices of Allowance on U.S. Patent Application Number 11/428,749, relating to melanocortin antagonist peptides with potential for treatment of cachexia and related indications; U.S. Patent Application Number 11/031,898, relating to peptides with potential utility for treatment of sexual dysfunction; and U.S. Patent Application Number 11/694,358, relating to linear compounds that bind to natriuretic peptide receptor A, with potential utility for treatment of heart failure, resistant hypertension and related indications. Palatin anticipates that all the allowed patents will issue over the next six to eight months.

“The issuance of this patent further fortifies our patent protection in the United States related to our work with small molecule compounds which bind to melanocortin receptors,” said Trevor Hallam, Ph.D., Palatin’s Executive Vice President – Research and Development. “Receiving allowances from the Patent Office on eight different applications covering several technology areas strengthens our intellectual property portfolio and is a testament to the depth and effectiveness of our research team.”

The issued patent and allowed patents cover compounds discovered and developed by Palatin scientists, and are solely owned by Palatin. In addition to the issued U.S. patent and allowed patents, Palatin has patent applications pending relating to melanocortin receptor-specific small molecules and peptides, natriuretic receptor-specific compounds and other technologies.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company dedicated to the development of peptide, peptide mimetic and small molecule agonists with a focus on melanocortin and natriuretic peptide receptor systems. Palatin’s internally developed drug pipeline utilizes proprietary approaches to discover potent rigid conformers from flexible peptide starting points. Palatin’s strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies’ website at www.palatin.com.

Forward-looking Statements

Statements about future expectations of Palatin Technologies, Inc., including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, 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. Palatin’s actual results may differ materially from those discussed in the forward-looking statements for various reasons, including, but not limited to Palatin’s ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to protect its intellectual property, and other factors discussed in the Palatin’s periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

SOURCE Palatin Technologies, Inc.


Source: newswire



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