Palatin Technologies Turns To Profit In Q4

(RTTNews) - Palatin Technologies Inc. (PTN) reported net income of $13.3 million or $0.07 per share, for the fourth-quarter ended June 30, 2017, compared to a net loss of $13.4 million, or $0.09 per basic and diluted share, for the same period in 2016.

The difference between the three months ended June 30, 2017 and 2016 was primarily attributable to the recognition of $33.9 million in contract revenue pursuant to license agreement with AMAG.

For the quarter and ended June 30, 2017, Palatin recognized $33.9 million, in contract revenue related to our license agreement with AMAG. There were no revenues recorded in the quarter ended June 30, 2016.