Benzinga | Feb 10, 2021 08:01AM EST

Palatin Shares Spikes On International Patent Application Covering Its Dry Eye Disease Candidate

* Palatin Technologies Inc (NYSE: PTN) filed an international patent application under the Patent Cooperation Treaty (PCT) related to the composition of PL9643 and a related family of melanocortin agonist peptides. The application establishes the base for the presumptive patent term, and if a patent is granted, it could provide patent protection out to 2041.

* Last year in December, Palatin reported results from PL9643 Phase 2 study in Dry Eye Disease. The study showed that statistically significant improvement in multiple signs and symptoms was achieved in the moderate to the severe patient population after two weeks of dosing and at the 12-week visit.

* However, the primary endpoints' statistical significance was not reached in the overall enrolled population that included mild, moderate, and severe patients.

* Palatin will present the detailed study results at the Association for Research in Vision and Ophthalmology 2021 Annual Meeting.

* A Phase 2/3 trial with PL9643 for the treatment of Dry Eye Disease is currently planned for mid-2021.

* Price Action: PTN moved 12.2% higher at $1.29 during premarket trading on the last check Wednesday.