Palatin Tech. Posts Profit In Q2 - Quick Facts

(RTTNews) - Palatin Technologies, Inc. (PTN) reported net income of $2.8 million, or $0.03 per share, for the second quarter, versus a loss of $3.6 million, or $0.03 per share, for the same period in 2013, mainly attributable to the recognition of about $8.0 million in contract revenue pursuant to its deal with Gedeon Richter.

For the quarter ended December 31, 2014, Palatin recognized the remaining $4.9 million of license revenue (previously deferred) under its agreement with Gedeon Richter plus some $3.1 million from a development milestone upon the start of the reconnect study in the U.S. There were no revenues recorded in the quarter ended December 31, 2013.