Palatin Technologies Inc. ($PTN) recently announced the closing of its licensing agreement with Amagen Pharmaceuticals, Inc. ($AMAG) for exclusive North American rights to develop and commercialize Rekynda™ (bremelanotide). The drug is an investigational product designed for on-demand treatment of hypoactive sexual desire disorder (HSDD) in pre-menopausal women.
The licensing agreement is expected to close in the first quarter of this year. Rekynda has been successfully evaluated in two phase III studies. A New Drug Application for Rekynda is expected to be filed in early 2018, with an anticipated approval and launch by early 2019.
The company also recently closed on new financing deal of $16.5 million. Palatin said that the funding will allow the company to continue advancing bremelanotide for hypoactive sexual desire disorder. The net proceeds from the issue are likely to be close to $15.4 million. Palatin issued 25.38 million shares of its common stock and five year Series J warrants to purchase 12.69 million shares of its common stock at an exercise price of $0.80 per share.
Palatin stock had a rocky start this year as it saw near 10% fall in its value. The stock may see rebound as it is trading close to its 52 weeks low value.