Regarding cost and expenses, total operating cost for the quarter ended June 30, 2012 were $5.7 million compared to $4.7 million for the same period in 2011. Staying on cost and expenses, for the year ended June 30, 2012, total operating expenses were $18.9 million compared to $15.1 million for the year ended June 30, 2011. The increase in costs for the quarter and year ended June 30, 2012 compared to the quarter and year-end June 30, 2011, is a result of cost related to our FSD trial with bremelanotide which is currently in Phase 2B.
Regarding our cash position, as of June 30, 2012, our cash and cash equivalents were $3.8 million and we have current liabilities of $3.5 million. This compared to cash and cash equivalents of $18.9 million and current liabilities of $2.8 million as of June 30, 2011. In July 2012, Palatin closed on a $35 million private placement with the net proceeds after deducting operating expenses, amounting to $34.5 million.
Palatin’s audited financial statements for the year ended June 30, 2012, included in our Annual Report on Form 10-K, includes an audit opinion that contains a growing concern explanatory paragraph from our auditors KPMG related to certain redemption rights for Series B 2012 warrants issued in our July 2012 private placement in the event that stockholders do not approve an increase in authorized shares of common stock by a specific period. Carl?
Carl SpanaThank you, Steve. And now for an update of our programs, starting with our obesity and diabetes melanocortin-4 receptor program which is partnered with AstraZeneca. This program is run under the direction of AstraZeneca. As we have previously reported, AstraZeneca has discontinued development of the clinical candidate AZD2820. This decision was based on a single severe adverse event experienced by an obese patient in a Phase I trial of AZD2820. AstraZeneca has competed an investigation of this severe adverse event and it appears that this severe adverse event was not cardiovascular related, and while not confirmed, it could not be excluded that the severe adverse event was linked to AZD2820. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV