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Palatin Technologies Inc Trading Halted Due to Volatility Trading Pause
Palatin Technologies Inc trading halted, volatility trading pause
Palatin presents preclinical data on PL9654 and PL9655 at ARVO
Palatin Technologies announced new preclinical data on its melanocortin agonists PL9654 and PL9655 at the 2025 Association for Research in Vision and Ophthalmology Annual Meeting. The findings demonstrate the agents' ability to resolve inflammation, stabilize the blood-retinal barrier, reduce VEGF signaling, and protect retinal ganglion cells, key drivers of vision loss in diabetic retinopathy. Notably, both compounds showed efficacy across multiple models and routes of administration, including topical delivery. Key Findings: Vision preservation: PL9654 and PL9655 maintained contrast vision and showed significant efficacy compared to vehicle. Inflammation control: Gene set enrichment analysis revealed downregulation of immune-related pathways in microglia and Muller glial cells for PL9654 and PL9655 compared to vehicle. Retinal protection: PL9654 reduced ischemia-reperfusion-induced retinal damage (as measured by histological scoring), similar to the melanocortin peptide alpha-MSH. Cell integrity: Microglia and Muller glial cell levels in treated animals mirrored those in healthy controls. Neuroregeneration: Topical PL9655 treatment increased rod photoreceptor levels relative to vehicle. Anti-angiogenesis: PL9654 significantly inhibited choroidal neovascularization and fibrosis. PL9655 topical treatment also showed an increase in rods compared with vehicle.
Palatin presents results from Phase 3 PL9643 MELODY-1 trial
Palatin Technologies presented new data from the Phase 3 MELODY-1 study at the 2025 Association for Research in Vision and Ophthalmology Annual Meeting. The updated responder analyses highlight PL9643's rapid onset of action, broad and statistically significant efficacy, and complete symptom resolution across multiple endpoints in patients with dry eye disease. "This is breakthrough-level data," said Carl Spana, Ph.D., President and CEO of Palatin. "PL9643 is the first investigational therapy to demonstrate complete symptom resolution across multiple endpoints, with rapid onset and excellent tolerability. These results support a highly differentiated profile in the DED treatment landscape." Clinical Data Presented: PL9643 showed statistically significant symptom improvement at week 2, continuing through week 12. 6 of 13 symptom endpoints reached statistical significance for complete resolution. Symptom Composite Score improved significantly at week 2 and continued to improve through week 12. PL9643 improved ocular surface health, including total, inferior, and corneal staining. Safety data showed PL9643 was well tolerated, with a profile similar to or better than vehicle (vehicle similar to artificial tears). "The consistency and strength of these data, including full symptom resolution in a significant portion of patients, underscore PL9643's potential to fill a major therapeutic gap," said Michael Raizman, M.D., Chief Medical Officer of Palatin. "Combined with a robust safety profile, these results position PL9643 as a potential first-in-class DED treatment."
Palatin announces transition to OTC Pink following NYSE American notice
Palatin Technologies announced that it has received a notice from the NYSE American stating that the NYSE Regulation has determined to commence proceedings to delist Palatin's common stock. The notice, issued under Section 1003(f)(v) of the NYSE American Company Guide, cites the low selling price of Palatin's common stock as the basis for delisting. As a result, trading of Palatin's common stock on the NYSE American has been immediately suspended, and the shares will transition to the OTC Pink Market under the ticker symbol "PTNT" beginning on May 8. Palatin intends to appeal the delisting decision, although there can be no assurance that any such appeal will be successful. The Company has until May 14, 2025 to appeal the NYSE American's decision. "We are disappointed with the delisting determination," said Carl Spana, Ph.D., President and CEO of Palatin Technologies. "We continue to believe the Company has valuable assets and the actions of NYSE American will in no way deter our commitment to advance our business plan and increase stockholder value."
Palatin expects $11.5M financing to cure NYSE American delisting notice
Palatin expects to close its pricing of a public offering consisting of $11.5M upfront and up to an additional $11.5M upon the cash exercise of the milestone related warrants, on May 8. The company believes the upfront amount of $11.5M in gross proceeds, combined with approximately $2.3M in net proceeds received in April under its at-the-market facility, and its current plans and operations will be sufficient to resolve the delisting determination of NYSE American. The NYSE American had determined that Palatin had not regained compliance with continued listing standards related to stockholders' equity by the conclusion of its 18-month plan period, which expired on April 10. An appeal hearing is scheduled for later this quarter. While the company cannot guarantee the appeal's outcome, it is confident that it meets the necessary listing requirements.
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