Monday October 1, 7:33 am Eastern Time
Press Release
SOURCE: Palatin Technologies, Inc.
Palatin Enters Research Agreement With Serono to
Generate Compounds Using Palatin's MIDAS Drug
Design Technology
PRINCETON, N.J.--(BW HealthWire)--Oct. 1, 2001--Palatin Technologies, Inc. (AMEX:
PTN - news) announced today that it has entered into an agreement with the Serono
Pharmaceutical Research Institute, the research center of Serono S.A. of Geneva,
Switzerland.
Palatin will use MIDAS, its proprietary drug design technology platform to generate novel
compounds in support of Serono's research programs. Financial details of the agreement
were not disclosed.
Palatin's proprietary MIDAS technology platform is a novel synthetic approach for rapid,
structure-based drug design. Its systematic and rational design algorithms transform peptides
into rigid peptidomimetics as well as small molecule drug leads. Use of the MIDAS
technology increases the productivity of the drug discovery process by eliminating the need
for costly and time consuming steps such as the high-throughput screening of thousands of
compounds, x-ray crystallography, NMR (nuclear magnetic resonance), CADD (computer
assisted drug design), or other physical and in silico tools currently used for structure-based
drug design.
Shubh Sharma, Ph.D., Palatin's vice president of chemistry and chief technology officer
commented, ``We are very pleased that Serono has chosen to enter into an active research
agreement with Palatin to utilize our MIDAS technology platform. We believe that MIDAS
represents a significant technological advance for the rapid, design and synthesis of novel
peptide-derived compounds. In addition, it is a valuable tool for the structure-based design
of small molecule drugs.''
``We are extremely pleased with the progress of our MIDAS platform technology,'' said
Perry B. Molinoff, M.D., executive vice president of research and development for Palatin.
``MIDAS has many potential utilities, including drug development related to targets derived
from genomics/proteomics research. We are successfully extending this approach to new internally selected targets and now to
targets of interest with an alliance partner. Internally the MIDAS technology has played a key role in our melanocortin program,
allowing us to generate receptor subtype selective molecules. Several of these compounds are now in preclinical development
for the treatment of sexual dysfunction, obesity and inflammation.''
Serono, headquartered in Geneva, Switzerland, is a global biotechnology leader. The Company has six recombinant products
on the market, Gonal-F®, Luveris®, Ovidrel®/Ovitrelle®, Rebif®, Serostim® and Saizen® (Rebif® and Luveris® are not
approved in the USA). In addition to being the world leader in reproductive health, Serono has strong market positions in
neurology, metabolism and growth. Serono's research programs are focused on growing these businesses and on establishing
new therapeutic areas. Currently, there are thirteen molecules in development.
In 2000, Serono achieved worldwide revenues of $1.240 billion, and a net income of $301 million, making it the third largest
biotech company in the world based on revenues. Serono operates in 45 countries, and its products are sold in over 100
countries. Bearer shares of Serono S.A., the holding company, are traded on the SWX Swiss Exchange (SEO) and its
American Depositary Shares are traded on the New York Stock Exchange (SRA).
Palatin Technologies, Inc. is a development-stage biopharmaceutical company. The company is currently conducting clinical
investigations with its lead drug, PT-141, for the treatment of erectile dysfunction, and is developing additional therapeutic
compounds discovered using its enabling peptide platform technology, MIDAS. Additionally, Palatin is developing a product
for infection imaging, LeuTech®, based on a proprietary radiolabeled monoclonal antibody. For further information visit the
Palatin web site at www.palatin.com.
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. Palatin's actual results may differ materially from its historical results of operations and those discussed in the
forward-looking statements for various reasons, including, but not limited to the Company's ability to carry out its business plan,
successful development and commercial acceptance of its products, ability to fund development of technology, the risk that
products may not result from development activities, protection of its intellectual property, ability to establish and successfully
complete clinical trials for product approval, need for regulatory approvals, dependence on it partners for development of
certain projects, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission.
The Company is not responsible for events not updated after the date on this press release.
Contact:
Palatin Technologies, Inc.
Carl Spana or Stephen T. Wills, 609/520-1911
cspana@palatin.com or swills@palatin.com
or
Kureczka/Martin Associates
Media:
Joan Kureczka, 415/821-2413
Jkureczka@aol.com
or
Ellen Martin, 510/832-2044 |
