Palatin Technologies, Inc. (NYSEAMERICAN: PTN) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has signed a license and collaboration agreement. Of course, this led to excitement among investors, sending the stock toward the top. Today, we’ll talk about the agreement, how the market is reacting to the news, and what we’ll be watching for with regard to PTN ahead.
PTN Gains On License Agreement
As mentioned above, Palatin Technologies announced that it has entered into a license and collaboration agreement. The agreement was signed with Kwangdong Pharmaceutical and surrounds exclusive rights to develop and commercialize bremelanotide for female sexual dysfunction indications in the Republic of Korea. In a statement, Carl Spana, Ph.D., President and CEO at PTN, had the following to offer:
“We are extremely pleased to have Kwangdong as our partner for bremelanotide in Korea… Kwangdong’s significant resources and commercial capabilities are uniquely suited to raise awareness and understanding of HSDD and the potential benefits of bremelanotide to health care providers and patients in Korea. We look forward to working closely with Kwangdong to assist them in obtaining regulatory approval and have a successful commercial launch of bremelanotide in Korea.”
The above statement was followed up by Sung-Won Choi, President and CEO at Kwangdong Pharmaceutical. Here’s what he had to say about the agreement with PTN:
“We are pleased to partner with Palatin and further the advancement of the bremelanotide program for the treatment of female sexual dysfunction in Korea. We believe that Palatin’s bremelanotide, as a niche market product, has tremendous potential. Our strong marketing and sales capabilities and established relationships with opinion leaders make us an ideal partner to introduce bremelanotide, innovative and first-in-class compounds, to the Korean marketplace.”
How The Stock Reacted To The News
As investors, one of the first things we learn is that the news moves the market. So, it’s no surprise that we’re seeing such strong movement today following the positive news mentioned above. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:55), PTN is trading at $0.93 per share after a gain of $0.05 per share or 5.39% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTN. In particular, we’re interested in following the ongoing development of bremelanotide as the data surrounding the treatment seems to be incredibly positive. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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