Palatin Technologies Announces Litigation Settlement With Competitive Technologies

Palatin Technologies Announces Litigation Settlement With Competitive
Technologies

CRANBURY, N.J., Jan. 22 /PRNewswire-FirstCall/ -- Palatin Technologies,
Inc. (Amex: PTN) announced today that it entered into an agreement to settle
all outstanding litigation and disputes with Competitive Technologies, Inc.
(Amex: CTT) related to a license agreement between the companies. 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.
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 Technologies 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.
"We are pleased that Palatin's full rights to bremelanotide are no longer
in question," stated Carl Spana, Ph.D., President and Chief Executive Officer
of Palatin. "Facing significant legal costs in the coming months in
preparation for the actual arbitration hearing and removing the uncertainty
inherent in litigation were the driving factors for Palatin to settle this
ongoing dispute. With this favorable outcome and the matter now behind us, we
look forward to continuing to develop bremelanotide and our other product
candidates."
Palatin owns patents, issued in the United States and foreign countries,
which claim bremelanotide and use of bremelanotide in treating sexual
dysfunction. Palatin's United States patents for bremelanotide do not expire
until 2020 or later.
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.
Forward-looking Statements
Statements about the Company's future expectations, including statements
about its development programs, proposed indications for its product
candidates, pre-clinical activities, marketing collaborations, and all other
statements in this document other than historical facts, are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995. The Company intends
that such forward-looking statements shall be subject to the safe harbors
created thereby. Palatin's actual results may differ materially from those
discussed in the forward-looking statements for various reasons, including,
but not limited to the Company's ability to fund development of its
technology, ability to establish and successfully complete clinical trials and
pre-clinical studies and the results of those trials and studies, dependence
on its partners for certain development activities, need for regulatory
approvals and commercial acceptance of its products, ability to recommence
marketing and gain commercial acceptance of NeutroSpec(R), ability to protect
its intellectual property, and other factors discussed in the Company's
periodic filings with the Securities and Exchange Commission. The Company is
not responsible for updating for events that occur after the date of this
press release.
SOURCE Palatin Technologies, Inc.

Stephen T. Wills, CPA, MST, EVP-Operations, Chief Financial Officer of Palatin
Technologies, Inc., +1-609-495-2200, info@palatin.com; or Institutional
Investors and Media, Carney Noensie of Burns McClellan, +1-212-213-0006,
cnoensie@burnsmc.com, for Palatin Technologies, Inc.