Regarding cost and expenses for the quarter ended June 30, 2011 total operating expenses were $4.7 million versus $4.9 million for the comparable quarter 2010. For the year ended June 30, 2011 total operating expenses were $15.1 million compared to $17.2 million for the year ended June 30, 2010. The decreases in operating expenses for the respective periods is a result of reducing staffing levels pursuant to Palatin’s strategic decision to concentrate on our clinical programs announced in September of 2010.Regarding our cash position, our cash and cash equivalents were $18.9 million as of June 30, 2011 compared to cash, cash equivalents and investments of $8.9 million at June 30, 2010 with current liabilities of $2.8 million as of June 30, 2011, compared to $2.4 million as June 30, 2010. In March 2011, Palatin closed on a $23 million firm commitment public offering consisting of 23 million units at a price to the public $1. Net proceeds to us after deducting underwriting discounts and other offering expenses were $21 million.
Palatin Technologies CEO Discusses F4Q2011 Results - Earnings Call Transcript
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