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news.Palatin Technologies has entered into an agreement to settle all outstanding litigation and disputes with Competitive Technologies related to a license agreement between the companies.
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Under the terms of the settlement, Palatin retains all rights to bremelanotide, its peptide in clinical development for male erectile dysfunction and female sexual dysfunction, with no obligations for any future payments to Competitive Technologies.
Palatin said that both the pending arbitration initiated by Competitive Technologies and the action in Connecticut Superior Court will be dismissed with prejudice. The existing license agreement between Palatin and Competitive has been terminated, with Competitive Technologies receiving all rights to a peptide developed at the University of Arizona and called MT-II or PT-14, which Palatin ceased developing in 2000. As part of the settlement, Palatin remitted a one-time payment to Competitive Technologies of $800,000.