(RTTNews) - Palatin Technologies Inc. (PTN) reported that its net loss for the fourth quarter ended June 30, 2020 was $7.30 million or $0.03 per share, compared to net income of $52.2 million or $0.23 per share in the previous year. It was due to the recognition of license and contract revenue pursuant to its license agreement with AMAG of $60.3 million for the quarter ended June 30, 2019.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the fourth-quarter. Analysts' estimates typically exclude special items. The company recognized no revenues for the quarter ended June 30, 2020, compared to $60.27 million in the previous year.
Palatin said it is exploring its options pertaining to enhancing the commercialization of Vyleesi, discussions with potential collaboration partners that currently market female healthcare products.
Palatin continues collaboration discussions for territories outside the currently licensed territories of China and Korea and anticipates executing multiple agreements through calendar year 2021.
Vyleesi is FDA-approved product for the as-needed treatment for premenopausal women who experience distress or interpersonal difficulty due to low sexual desire. The treatment is available as a subcutaneous self-injection in a prefilled disposable autoinjector pen for use in anticipation of a sexual encounter.
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