This release is for a few of you out there who I know follow PLTN as well.... ( and does involve ED also)
Palatin Obtains Development/Marketing License For Erectide
A Peptide For The Diagnosis And Treatment of Erectile Dysfunction
Patented by University of Arizona Scientists
PRINCETON, N.J.--(BW HealthWire)--Nov. 10, 1997--Palatin Technologies Inc. (NASDAQ:PLTN - news) Monday announced it has negotiated a license with Competitive Technologies Inc. (AMEX:CTT - news) to develop, clinically test for FDA approval, and ultimately market diagnostic and therapeutic applications for Erectide, a peptide hormone analog.
Erectide is believed to be the first formulation that could provide physicians a differential diagnostic tool as well as therapy for psychological male erectile dysfunction. The peptide molecule along with its use in diagnosing and treating erectile dysfunction, was patented by Competitive Technologies, based on technology developed at the University of Arizona by a research team headed by Dr. Mac E. Hadley.
National Institutes of Health statistics indicated that about 30 million U.S. men suffer from erectile dysfunction. According to Hadley, with an injection of Erectide, more than half of all individuals seeking medical assistance for such dysfunction could be rapidly diagnosed to determine whether the condition is indeed psychological or organic.
Palatin Chairman, President and Chief Executive Officer Edward J. Quilty commented: ''Palatin's proven experience and expertise in peptide technologies mesh well with the important discovery made by Dr. Hadley and his team.
''The Erectide molecule is relatively inexpensive to synthesize, remains stable at room temperature and can be delivered for the present by a simple injection. At the same time, preliminary tests to date suggest that individuals with psychological erectile dysfunction could some day routinely take Erectide therapeutically as needed, either by small-needle injection at any part of the body -- such as abdominal fat -- or possibly even orally. We intend to explore and develop fully all ramifications of Erectide's potential.''
George M. Stadler, president and chief executive officer of Competitive Technologies, commented, ''We are delighted to have licensed this technology to a company dedicated to bringing a product to the marketplace.''
Hadley explained that Erectide acts as a stimulant to the brain to induce invariably an erection on demand and can do so at very low dosage levels. If an erection is thus produced, the diagnostician could determine in as little time as 30 minutes to an hour that the problem is primarily psychological and prescribe Erectide as an ongoing therapy. If not, the condition is probably organic -- either related to minor blood vessel leakage or an interruption of the nerve signal. Other therapies could then be suggested.
Palatin Technologies is a development-stage medical technology company involved in developing and commercializing products and technologies for diagnostic imaging, cancer therapy and ethical drug development based on its proprietary monoclonal antibody, radiolabeling and enabling peptide platform technologies.
Competitive Technologies is a technology transfer company that represents both university and corporate clients.
Statements about the company's future expectations, including development and regulatory plans, and all other statements in this document other than historical facts are ''forward looking statements'' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results. |
