Earlier, Palatin signed a research and licensing deal with AstraZeneca to develop, discover and commercialize compounds targeting melanocortin receptors to treat obesity, diabetes and related metabolic syndrome.
The company expects to recruit around 90 healthy male volunteers in the trial.
AstraZeneca will be responsible to pay milestones to Palatin upon achieving development and regulatory milestones and further paymets on reaching sales target, in addition to royalties on sales of approved products.
The tie up allows AstraZeneca to take forward the commercialization and product discovery and bear the development costs.