Palatin genitourinary, cardiovascular, endocrine news
PTN restructured and reduced headcount by 27 (30%) to 64, primarily in development staff. PTN said the move follows a response from FDA that raised "serious concerns about the acceptable benefit/risk ratio" to support advancing bremelanotide into Phase III testing for use as first-line therapy to treat erectile dysfunction (ED) (see BioCentury, Sept. 3). Last month, King Pharmaceuticals Inc. (KG, Bristol, Tenn.) ended a 2004 deal in which it received co-exclusive rights to develop and commercialize the intranasal melanocortin receptor 4 (MCR4) agonist to treat ED and female sexual dysfunction (FSD) in North America (see BioCentury, Sept. 17). Data from a Phase II trial in FSD are expected this month.
PTN expects the move to save $4 million annually. At the end of PTN's fiscal year on June 30, the company had $33.8 million in cash and a 12-month operating loss of $29.8 million. ...