Palatin Technologies, Inc. (NYSEAMERICAN: PTN) is having an overwhelmingly strong start to the trading session this morning after announcing that it has submitted a New Drug Application (NDA) with the United States Food and Drug Administration (FDA). Of course, the news led to excitement among investors and the stock is making a run for the top as a result. Today, we’ll talk about the NDA, what we’re seeing from the stock, and what we’ll be watching for with regard to PTN ahead.
PTN Announces NDA Submission
As mentioned above, Palatin Technologies is having an incredibly strong start to the trading session this morning after the company announced that it has submitted a New Drug Application to the FDA. In a press release issued early this morning, PTN announced that a New Drug Application has been submitted to the FDA surrounding Bremelanotide. The application was submitted by the company’s North American licensee for Bremelanotide, AMAG Pharmaceuticals, Inc. (AMAG). If approved, the treatment will become the first and only as desired pharmacologic option in the United States indicated for the treatment of hypoactive sexual desire disorder (HSDD) in premenopausal women.
In a statement, Carl Spana, Ph.D., CEO and President at PTN, had the following to offer:
The submission of this NDA represents a significant milestone for the bremelanotide clinical program and our efforts to develop a treatment for HSDD… We believe our licensing agreement with AMAG for bremelanotide has the potential to create significant long-term shareholder value and are proud of the work conducted by both Palatin and AMAG to prepare and submit this NDA. Importantly, we have additional licensees for bremelanotide in South Korea and China, and look forward to entering into similar agreements in other countries and regions.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news proved to be overwhelmingly positive. After all, Palatin Technologies, with the help of its licensee, has submitted an NDA that could lead to revenue in the future. This is going to be exciting to investors. So, it’s no surprise to see that the stock is making a run for the top. At the moment (8:24), PTN is trading at $1.20 per share after a gain of $0.08 per share (7.14%) 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 this New Drug Application as well as the company’s continued development with regard to the rest of its pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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