Palatin falls as obesity trial halted
Palatin Technologies Inc. (NYSE-A:PTN) fell $0.09 (17%) to $0.43 on Tuesday after partner AstraZeneca plc (LSE:AZN; NYSE:AZN) halted a Phase I trial of AZD2820 in obese men following a serious adverse event in one patient. Palatin said the patient may have had an allergic reaction following the first dose, but has fully recovered. The company said 11 patients completed dosing in the single-blind, placebo-controlled trial, which was scheduled to enroll a total of 72 men with a BMI of 30-35 kg/m2 to receive multiple ascending doses of the compound. Palatin said AstraZeneca previously completed a single ascending-dose trial of the melanocortin (MC) receptor partial agonist in healthy male volunteers without any serious adverse events reported. In 2007, Palatin granted AstraZeneca exclusive, worldwide rights to develop and commercialize preclinical compounds that target MC receptors to treat obesity. ...