Palatin cuts 30 pct of its workforce, to take related charge

Sept 26 (Reuters) - Palatin Technologies Inc (PTN.A) said it will reduce its workforce by 30 percent, a month after U.S. health regulators raised concerns on the efficacy of the company's drug to treat male erectile dysfunction.

The biopharmaceutical company expects to incur a charge of $500,000 for severance payments in the quarter ending Sept. 30.

Palatin, which will be left with 64 employees after the layoff, said the reduction will result in annual savings of $4 million. (Reporting by Avishek Mishra in Bangalore)