Benzinga | Jun 29, 2021 09:18AM EDT

Palatin Technologies Stock Moves Higher After Outlining Plans For Dry Eye Disease Treatment

* Palatin Technologies Inc (NYSE:PTN) has completed an End-of-Phase 2 (EOP2) meeting with the FDA for PL9643 for the treatment of dry eye disease (DED).

* Palatin remains on track to initiate the Phase 3 program in DED patients during Q4 of 2021, with data readout expected in 2H of 2022.

* If the program progresses as planned, a marketing application submission is targeted for 2H of 2023.

* PL9643 is a novel melanocortin agonist, delivered to the eye topically via eyedrops.

* Palatin previously announced positive results in its Phase 2, demonstrating statistically significant improvement in multiple signs and symptoms. No safety signals were identified, and PL9643 had excellent ocular tolerability.

* Price Action: PTN shares are up 9.88% at $0.60 during the premarket session on the last check Tuesday.