Palatin Technologies (NYSE:PTN) Inc. (NYSE American: PTN) disclosed the outcomes of its annual stockholders' meeting in a recent SEC filing. During the meeting held on Thursday, the company's shareholders voted on several key proposals, including the election of directors, ratification of its public accounting firm, and amendments to its stock incentive plan.
The stockholders elected seven directors to serve until the next annual meeting. The elected directors include Carl Spana, Ph.D., John K.A. Prendergast, Ph.D., Robert K. deVeer, Jr., J. Stanley Hull, Alan W. Dunton, M.D., Arlene M. Morris, and Anthony M. Manning, Ph.D. Each director received a significant number of votes for their election, with broker non-votes totaling 5,280,762 for each director.
Additionally, the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2024, was ratified with a substantial majority of 6,728,849 votes in favor.
Shareholders also approved an amendment to the company's 2011 Stock Incentive Plan. The amendment increases the number of shares available for equity awards by 1,000,000 shares. The proposal received 1,103,832 votes for, 722,486 against, and 30,312 abstaining, with broker non-votes amounting to 5,280,762.
Finally, the compensation of the company's named executive officers for the fiscal year ended June 30, 2023, was approved in an advisory vote. The approval saw 925,432 votes in favor, 664,821 against, and 266,377 abstentions, with broker non-votes again at 5,280,762.
The total number of shares entitled to vote at the meeting was 16,141,973, with 7,137,392 votes present in person or by proxy. The meeting's outcomes are part of the company's commitment to corporate governance and shareholder engagement.
The information for this report is based on a press release statement.
In other recent news, Palatin Technologies reported a net loss of $8.4 million for Q3 of fiscal year 2024, with no gross product sales due to the sale of Vyleesi's worldwide rights. Despite this, a fair value adjustment gain of $0.4 million was recorded, showing an improvement from the previous year's loss. The company's operating expenses rose to $9.2 million, primarily due to investments in Melanocortin receptor programs.
H.C. Wainwright maintained its Buy rating for Palatin, following the company's announcement about the commencement of a Phase 2 clinical trial. This trial focuses on the co-administration of bremelanotide and a phosphodiesterase 5 inhibitor (PDE5i) for the treatment of erectile dysfunction. Topline data from this trial is expected to be available by the end of 2024.
Palatin is also developing a new co-formulation that combines bremelanotide with a PDE5i, planning to submit an Investigational New Drug application to the FDA later this year. The potential Phase 3 clinical trial for this formulation is projected to begin in the first half of 2025. These recent developments highlight Palatin's commitment to advancing its clinical programs and engaging with regulatory authorities.
InvestingPro Insights
As Palatin Technologies Inc . (NYSE American: PTN) navigates through its corporate governance processes, the financial health and market performance of the company remain pivotal for investors. According to real-time data from InvestingPro, PTN's revenue growth has been noteworthy, with a 52.8% increase in the last twelve months as of Q3 2024, despite a reported revenue of 5.9M USD.
Still, the company faces significant challenges, as highlighted by a gross profit margin of -329.27% and an operating income margin of -555.24% in the same period, indicating substantial losses relative to revenue.
InvestingPro Tips suggest caution; analysts have revised their earnings downwards for the upcoming period and do not expect the company to be profitable this year. Moreover, the stock has taken a considerable hit, with a 6-month price total return of -50.9% as of mid-2024. These factors underscore the importance of diligent analysis for current or prospective shareholders.
For those looking to delve deeper into Palatin Technologies' financials and market predictions, there are additional tips available on InvestingPro, which can be accessed with the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription. With this tool, investors can gain a more comprehensive understanding of PTN's financial trajectory and make more informed decisions.
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