Palatin slumps as dry-eye drug fails to meet one of the main goals in study

Palatin Technologies

28/02/2024 16:20

** Shares of drug developer Palatin Technologies  PTN.A 
fall ~36% to $2.55  
    ** Company says its experimental drug to treat patients with
moderate-to-severe dry eye disease failed to meet one of the
main goals in a late-stage study
    ** Dry eye is a condition in which a person does not have
enough quality tears to lubricate the eye
    ** The drug candidate, PL9643, failed to significantly
improve clinical signs evaluated using a certain staining method
    ** PL9643 helped reduce pain symptoms in patients - one of
the co-primary goals
    ** "While additional analyses are ongoing, the initial
results reinforce the potential of PL9643 as a treatment to
address both symptoms and signs of dry eye disease," says CEO
Carl Spana
    ** Company plans to meet with the FDA to discuss next steps
    ** Says will continue to look for a collaboration partner
for the dry eye disease program - PTN
    ** Including session moves, stock down ~23.5% in last 12
months

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))