Palatin Announces Preliminary First Quarter Fiscal 2023 Vyleesi® Product Sales Results

Net product revenue for prescriptions dispensed increased 20%

Prescriptions dispensed increased 17%, over prior quarter

Refills accounted for over 50% of prescriptions dispensed

CRANBURY, N.J., Oct. 13, 2022 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, today announced preliminary first quarter fiscal year 2023 Vyleesi® product sales results. Vyleesi is the first and only as-needed treatment approved by the U.S. Food and Drug Administration (FDA) for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).

"We are pleased with Vyleesi's continued quarter over quarter growth on net product revenue and prescriptions dispensed for the quarter ended September 30, 2022," stated Carl Spana, Ph.D., President and CEO of Palatin. "We are especially pleased with our prescription refill rate, which now exceeds 50% of total prescriptions dispensed, and is the top indicator of patient satisfaction with Vyleesi." 

• Preliminary Vyleesi product sales results for the first fiscal quarter of 2023 ended September 30, 2022:
• Net product revenue for prescriptions dispensed increased 20% to $856,000 over the prior quarter;
• increased 400% over the comparable quarter in fiscal 2022.
• Total prescriptions dispensed increased 17% over the prior quarter;
• increased 108% over the comparable quarter in fiscal 2022.

The Vyleesi related financial and operating data for the first fiscal quarter of 2023 is preliminary and may change. This preliminary data has been prepared by, and is the responsibility of, Palatin's management and no independent accounting firm has audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial data. There can be no assurance that Palatin's actual results for this quarterly period will not differ from the preliminary financial and operating data and such changes could be material. In addition, Palatin's estimate of Vyleesi product sales for the quarter ended September 30, 2022 should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting standards. Additional information that will be material to investors will be provided in the financial statements for the three months ended September 30, 2022, and, accordingly, investors should not place undue reliance on the limited preliminary information being provided herein.

Vyleesi is the first and only as-needed treatment approved by the FDA for premenopausal women with acquired, generalized HSDD. Palatin is actively seeking Vyleesi collaborations for the United States and for territories outside the currently licensed territories of China and Korea. Vyleesi is licensed to Fosun Pharma in China and Kwangdong Pharmaceuticals in South Korea. Patients and healthcare providers can learn more about HSDD and Vyleesi at www.vyleesi.com and www.vyleesipro.com.

Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.Palatin.com and follow Palatin on Twitter at @PalatinTech.

Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about Vyleesi results and potential market, 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. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release. 

Palatin Technologies® and Vyleesi® are registered trademarks of Palatin Technologies, Inc.

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SOURCE Palatin Technologies, Inc.