Palatin Technologies Inc. announced that it has reacquired full rights to bremelanotide, a first in class melanocortin agonist drug candidate for the treatment of male erectile dysfunction (ED) and female sexual dysfunction (FSD) from King Pharmaceuticals Inc.
The termination of collaborative development and marketing agreement between King and Palatin comes into effect from December 6, 2007. Under the termination, Palatin has all rights to bremelanotide, without any obligation for future payments to King.
Other than for previously incurred costs not yet reimbursed and approved expense reimbursements related to the wind-down of the collaboration, King Pharma has no financial obligation for future payments to Palatin. King will hang on to the previously issued Palatin unregistered common stock and warrants.
Meanwhile, Palatin is in the process of reviewing the responses and comments made by the FDA. The company also plans to discuss with the FDA, to determine next steps to be taken related to the further development of bremelanotide for the treatment of ED.
" Regarding the FSD program with bremelanotide, we have completed an exploratory at-home Phase 2 clinical trial in pre- and postmenopausal women and are in the final stages of compiling the data. We anticipate releasing the results later this month," said Carl Spana, Ph.D., president and chief executive officer, Palatin.
Palatin will also continue to focus its efforts on the company's pipeline of preclinical therapeutics, including its compounds for obesity partnered with AstraZeneca and a lead clinical candidate for the treatment of congestive heart failure, a company press release stated.