CRANBURY, N.J., June 6, 2016 /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 has issued a Notice of Allowance for U.S. Patent Application Serial Number 14/328,995 (the '995 application). The '995 application title is "Melanocortin Receptor-Specific Heptapeptides." The composition of matter application claims a broad group of melanocortin peptides.
The patent enhances Palatin's melanocortin patent family, and covers a number of peptides under evaluation, including PL-8905, Palatin's internal lead compound for obesity and related indications. PL-8905 has over 100-fold functional selectivity for the melanocortin receptor-4 over the melanocortin receptor-1, with minimal effect on blood pressure and significant chemical and metabolic stability.
Carl Spana, Ph.D., President and CEO of Palatin, commented, "This allowed patent covers a family of peptides that are more selective for melanocortin receptor-4 than peptides and compounds other companies have developed. The peptides covered by the '995 application have reduced off-target effects, which makes these peptides particularly attractive for indications such as sexual dysfunction, obesity and metabolic syndrome. We are pleased with this important extension of our patent portfolio."
Once issued, the patent is expected to expire no earlier than June, 2030. The '995 application is owned by Palatin Technologies.
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.
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc. such as statements about clinical trial results, potential actions by regulatory agencies, whether the subject patent will adequately protect against competition, and the future status of pending and planned patent applications 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, regulatory actions by the USPTO, 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.
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SOURCE Palatin Technologies, Inc.