Palatin takes bigger 3Q loss as revenue falls

CRANBURY, N.J.

Biopharmaceutical company Palatin Technologies Inc. reported a larger fiscal third-quarter loss on Thursday because of decreased payments from its partner, British drugmaker AstraZeneca PLC.

Palatin said it lost $2 million, or 2 cents per share, in the period ended March 31. In the same quarter a year ago the development stage company reported a profit of $98,000, or less than a penny per share. Its revenue dropped 50 percent to $2.6 million from $5.2 million.

Palatin and AstraZeneca are collaboration on treatments for obesity and similar conditions. Palatin does not have any products on the market, and its running early clinical trials of one drug candidate for asthma, high blood pressure, and congestive heart failure. The obesity drugs are not yet in human testing.

Shares of Palatin lost a penny to 30 cents in afternoon trading.