CRANBURY, N.J., June 10, 2014 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, announced today that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Patent Application Serial Number 13/311,824 (the '824 application). The application includes composition of matter claims on a next generation of melanocortin receptor-specific peptides for sexual dysfunction, obesity, metabolic syndrome and other indications.
The melanocortin-4 receptor mediates sexual response, and agonists have been studied for treatment of both erectile dysfunction and female sexual dysfunction. Palatin's bremelanotide product, a melanocortin-4 receptor agonist peptide drug administered using an autoinjector, has completed Phase 2 human studies for female sexual dysfunction, with pivotal Phase 3 clinical studies scheduled to start later this year.
The peptides in the '824 application demonstrated effects on sexual function in animal models. Palatin is evaluating these peptides as potential follow-on or second generation products for treatment of sexual dysfunction. The melanocortin-4 receptor also has potential utility in treatment of obesity, metabolic syndrome and other indications.
"We are pleased to have patent protection on our next generation of new peptides with improved profiles that target the melanocortin-4 receptor," stated Carl Spana, Ph.D., President and CEO of Palatin.A Notice of Allowance is issued after the USPTO makes a determination that a patent can be granted from an application. The issued patent twenty-year term will not expire until June 2030. The Notice of Allowance for the '824 application has been posted on the USPTO public PAIR website. About Palatin Technologies Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at http://www.palatin.com. Forward-looking Statements Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc. such as statements about potential clinical utility of melanocortin receptor-4 agonist peptides, whether the subject patent will issue or adequately protect against competition, the future status of pending and planned patent applications, potential clinical trial results, potential actions by regulatory agencies including the U.S. Food and Drug Administration (FDA), regulatory plans, development programs, proposed indications for melanocortin receptor-4 agonist peptide product candidates and market potential for melanocortin receptor-4 agonist peptide product candidates, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of nonclinical, preclinical and toxicology studies, result of clinical trials, regulatory actions by the FDA and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.