Palatin Technologies Refutes Competitive Technologies Contention of Material Breach
CRANBURY, N.J., September 12, 2007 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. stated today that the press release issued on September 11, 2007 by Competitive Technologies, Inc. relating to a material breach and termination of a license agreement was false and misleading.
The press release issued by CTT stated that "Competitive Technologies Terminates License Agreement with Palatin Technologies." However, the Notice of Termination sent by CTT to Palatin the day before expressly stated Palatin had "sixty (60) days from the date of this letter to cure" the alleged defaults. The statement made by CTT that the underlying license agreement between Palatin and CTT had been terminated is false and misleading.
The underlying Palatin/CTT license agreement relates to patent rights for compounds and methods used for treatment of sexual dysfunction, including a compound called melanotan-II (MT-II) or PT-14. Palatin ceased development of PT-14 in 2000 and has no plans for further development of the compound. Palatin's bremelanotide compound was independently developed and patented by Palatin, and Palatin believes that bremelanotide is not covered by any of CTT's patents or patent rights. Whether bremelanotide is subject to the license agreement is an issue in an ongoing arbitration proceeding initiated by CTT in June 2006.
Palatin received a Notice of Termination on this matter from CTT in the late afternoon of September 10, 2007. The Notice of Termination alleges that Palatin has breached the Palatin/CTT agreement as a result of an amendment in December 2005 to the Collaborative Development and Marketing Agreement between Palatin and King Pharmaceuticals, Inc. . Palatin disputes that the amendment breaches the Palatin/CTT agreement in any way. Nevertheless, during the morning of September 10, 2007, Palatin announced via a press release and conference call that the King agreement had been terminated. Therefore, any alleged breach to the Palatin/CTT license agreement was eliminated by the termination of the King agreement, which was announced prior to CTT sending Notice of Termination.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. The Company's internal research and development capabilities, anchored by its proprietary MIDAS(TM) technology, are fueling product development. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. The Company currently has collaborations with AstraZeneca and the Mallinckrodt division of Covidien. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com.
CONTACT: Stephen T. Wills, CPA, MST, EVP-Operations, Chief FinancialOfficer of Palatin Technologies, Inc., +1-609-495-2200, ,or, Institutional Investors and Media, Carney Noensie of Burns McClellan,+1-212-213-0006, , for Palatin Technologies, Inc. info@palatin.com cnoensie@burnsmc.com
Web site: http://www.palatin.com/
Ticker Symbol: (AMEX:PTN),(AMEX:CTT)
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