Palatin Technologies, also known as ptn at https://www.webull.com/quote/amex-ptn Inc. is a biopharmaceutical company. The company is engaged in developing a targeted receptor for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. The Company’s primary product in clinical development is bremelanotide for the treatment of premenopausal women with hypoactive sexual desire disorder (HSDD), which is a type of female sexual dysfunction (FSD) defined as low desire with associated distress. Its other drug development programs include Melanocortin receptor-4 (MC4r), PL-3994, and Melanocortin receptor-1 (MC1r). MC4r is a compound used for the treatment of obesity and diabetes.PL-3994 is a subcutaneously injected guanylate-cyclase type A (GC-A) receptor agonist. MC1r agonist peptides are used for the treatment of inflammatory and dermatologic disease indications.
Shares of these Technologies fell over 21% on Tuesday after STAT analyst Adam Feuerstein said that the Food and Drug Administration “made a mistake” by approving the company’s new drug, Vyleesi. The drug is intended to treat hypoactive sexual desire disorder (HSDD), or low libido, in women.
Investors didn’t take the criticisms lightly, owing to Feuerstein’s status and reputation for blunt and honest analysis over the years. It had settled to 8.3% loss, while AMAG had 3.4% gains.
Business Highlights and Updates.
- Implemented multiple measures in response to the COVID-19 pandemic to safeguard the health and well-being of employees, their families, business partners, and healthcare providers, while continuing to advance the Company’s programs;
- A Phase 2 clinical study with PL9643 for dry eye disease started in January 2020. Data readout is targeted for the fourth quarter of the calendar year 2020;
- A Phase 2 proof-of-concept clinical study with an oral formulation of PL8177 in ulcerative colitis patients is delayed due to the pandemic and is now targeted to start in the first half of the calendar year 2021; and
- AMAG has stated that they anticipate finalizing the divestiture of Vyleesi within the next several months.
The entire ptn team thanks healthcare workers across the nation for their selfless efforts in the treatment and care of COVID-19 patients, and I would also like to thank all of their employees for their dedication and commitment to ensure the advancement of our development programs and clinical trial patient support,” said Carl Spana Ph.D., President, and CEO of it. Although it has experienced a limited adverse impact on operations from the pandemic, they are cognizant there may be further disruptions to business activity based on a resurgence of the virus and have taken steps to be as prepared as possible for this potential outcome! You can also check other stock news like xxii stock at https://www.webull.com/quote/amex-xxii .