Palatin Technologies Inc (NYSE:PTN) shares slipped after its fiscal fourth-quarter results showed a drop in net income.
The biopharmaceutical company reported earnings of US$0.06 per share on revenue of US$20.6mln compared with earnings of US$0.07 per share on revenue of US$33.9mln in the previous year’s fourth quarter.
Net income declined to US$11.8mln compared with US$13.3mln a year ago.
The New Jersey-based company did swing to a profit for the fiscal year, reporting earnings of US$0.12 per share on a net income of US$24.7mln compared with a net loss of US$0.07 per share on a loss of US$13.3mln.Palatin ended the quarter with less cash in hand. The company’s cash totaled US$38mln compared with US$40.5mln last year.
The company stated it has sufficient resources to fund its planned operations through the end of September 2019.
The specialty biopharma, which focuses on medicines based on molecules, is developing Vylessi, a treatment for hypoactive sexual desire disorder.
Up to one-third of adult women in the US may experience HSDD, or a lack of sexual desire, according to data from The National Center for Biotechnology Information.
“Going forward, the first quarter of calendar year 2019 could bring FDA approval for Vylessi – a significant milestone and major inflection point for Palatin, its employees, its shareholders, and most importantly, the thousands of premenopausal women seeking treatment for HSDD in the US,” said CEO Carl Spana in the company’s press release.
Shares of Palatin were down nearly 1.5% to US$1.04 in Thursday morning trading.