CRANBURY, New Jersey, January 18, 2023 — Palatin Technologies, Inc. (NYSE American: PTN), the biopharmaceutical company developing first-in-class medicines based on the fact that molecules that modulate the activity of the melanocortin receptor system, announced that it has received approximately USD 4.7 million in non-dilutive funding from New Jersey’s Technology Business Tax Certificate Transfer Program, also known as the Net Operating Loss (NOL) Program.
“We are thrilled to take advantage of the New Jersey NOL program, which allows us to turn some state operating losses into tangible working capital today,” said Palatin’s Chief Financial Officer and Chief Operating Officer, Stephen T. Wills. So far, we have received USD 18 million in non-dilutive funding under the NOL program. We are grateful to the NJ Economic Development Authority for assisting us as we continue to research medications for diverse diseases.”
The NOL program allows qualifying New Jersey-based technology or biotechnology firms to sell their net operating losses to unrelated successful organizations. This enables eligible technology and biotechnology firms with NOLs to convert their tax losses and credits into cash flows to finance expansion and operations, including R&D.
Palatin is a biopharmaceutical firm focused on creating first-in-class medications based on compounds that control the activity of melanocortin receptor systems, including receptor-specific product candidates for treating illnesses with considerable unmet medical needs and economic opportunity. Palatin’s business approach is to create goods and forge marketing partnerships with industry leaders to maximize their economic potential.
They have only begun to tap into the efficacy of melanocortin pathways in treating patients after establishing themselves as the first FDA-approved melanocortin agent with Vyleesi® (bremelanotide injectable) for the treatment of Hypoactive Sexual Desire Disorder (HSDD) in premenopausal women. They are focusing on expanding their commercial platform in North America, assisting commercialization partners overseas, and re-licensing to committed partners in the United States and throughout the world.
Their research and development arm expands on their demonstrated success in delivering melanocortin therapy from the lab to the market by leveraging their personal experience to move initiatives in ophthalmic and autoimmune illnesses through the clinical pipeline.
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