This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Palatin Technologies CEO Discusses F3Q2011 Results - Earnings Call Transcript

On today’s call, we’ll be providing updates on product programs and financial results. Again, Steve Wills will provide an update on the fiscal third quarter financial results. Steve?

Steve Wills

Thank you, Carl, and good morning, everyone. Regarding the financial update, Palatin’s net loss for the quarter ended March 31, 2011, was $3.8 million or $0.17 per basic and diluted share, compared to a net loss of $2 million or $0.20 per basic and diluted share for the quarter ended March 31, 2010. The increase in net loss for the quarter ended March 31, 2011, compared to the net loss for the same period last fiscal year was primarily due to a decrease in revenue recognized under our collaboration agreements with AstraZeneca as a result of the successful completion of the research collaboration portion of the agreements in January 2010 and secondarily, to a non-cash non-operating expense of $1.3 million, which represents the increase in the estimated fair value of a warrant liability recorded on the balance sheet in connection with our previously announced underwritten public offering, which resulted in net proceeds of $21.1 million. In connection with this underwritten public offering, a portion of the warrants issued in March, 2011 require that the company seek stockholder authorization to increase Palatin’s authorized common stock and are therefore, classified as a liability at their estimated current fair value on our balance sheet as of March 31, 2011.

Warrants that are classified as a liability are revalued at each reporting date until the classification as a liability changes.

On May 11, 2011, at our Annual Meeting, the stockholders approved an increase in authorized common stock from 40 million shares to 100 million shares, providing sufficient available and authorized common stock to permit exercise of all Series B warrants. Accordingly, these warrants seek to be classified as a liability and will not be reported or revalued at any subsequent reporting date after May 11, 2011. In essence, the amount classified as liability will be reclassified to the equity section of our balance sheet during the quarter ended June 30, 2011. In addition to the approval to increase Palatin’s authorized common stock, the following proposals were submitted to and approved at our Annual Stockholders Meeting on May 11.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs