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news.Palatin Technologies, a biopharmaceutical company, has received $4.1 million from AstraZeneca relating to an extension of its exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors and a clinical trial sponsored research agreement.
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Palatin has also earned a milestone payment of $2.5 million in connection with its collaboration and licensing agreement with AstraZeneca. Palatin anticipates receiving the $2.5 million in the current calendar quarter.
The $6.6 million received or to be received from AstraZeneca, coupled with $1.7 million that Palatin received from the sale of net operating losses to the State of New Jersey, $700,000 from the sale of non-core fixed assets, and its cash and cash equivalents balance, gives Palatin sufficient cash to fund its projected operations through 2009.