Palatin Technologies: Jumps as drugmaker says developing potential COVID-19 treatment

Palatin Technologies

23/06/2020 15:33

** Shares of specialty drugmaker  PTN.A  rise 18.6% to $0.61
in morning trade
    ** Palatin says it is developing PL8177, a potent and
selective melanocortin 1 receptor agonist, as a treatment for
patients with COVID-19 and associated lung complications
 urn:newsml:reuters.com:*:nPn1yCwPMa
    ** Says preclinical multiple inflammatory disease models and
a lung injury model showed the ability of PL8177 to reduce
inflammation, protect lung tissue and reduce lung fibrosis
    ** Adds based on advice from the FDA, it is planning to
submit an Investigational New Drug application in the third
quarter of the 2020 calendar year
    ** Co is planning a Phase 2 clinical trial initiation in the
fourth quarter
    ** Stock down 24% so far this year

 (Reporting by Shivani Kumaresan in Bengaluru)
 ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))