In the biopharmaceutical industry of inflammatory and auto-immune diseases, Palatin Technologies, Inc. (PTN) is bringing revolution by the medicines based on molecules that modulate the activity of the melanocortin peptide receptor system.
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PTN Stock Price
Palatin Technologies (PTN) has massive growth potential in terms of revenue generation and stock pricing. The stock prices rose 16.98% to $0.64 in the regular trading session today.
PTN announced on November 30, 2021, that the U.S. Patent and Trademark Office has issued a notice allowing the use of melanocortin peptides to decline the production and expression of pro-inflammatory cytokine (which may bring cytokine storm or undesired production of cytokine).
Some of the key financial features for the first fiscal quarter ended September 30, 2021as announced by PTN on November 15, 2021, are mentioned below
Revenue
The net product revenue generation as observed by the company during Q1 of 2021 was 0.15 million USD in comparison to the same quarter of 2020 amounted to 0.28 million USD. While the total operating expenses for the first quarter of 2021 were reported to be 7.37 million USD as opposed to the same quarter of 2020 which was 3.65 million USD.
Current assets
The current assets of Palatin Technologies as reported during Q1 of 2021 were 53 million USD in comparison to the same quarter of 2020 (60 million USD).
Net loss
The net loss reported by PTN for Q1 of 2020 was 3.94 million USD which is quite less than the same period of 2021 (7.11 million USD).
Palatin Technologies reported on October 22, 2021, that it was honored at the annual meeting of the American Society of Retina Specialists (ASRS) as a Top 10 Posters designation for its efforts in preclinical diabetic retinopathy and choroidal neovascularization poster which resulted in a positive impact of melanocortin agonists for retinal inflammation.
Conclusion
The COVID-19 resurgence caused net losses to almost all the companies as the economy is still feebly gaining momentum. So, a closer look at the stats shows that the company is momentarily gaining its speed in the market and investors could see a rise in the stock in the near future.
