May 4, 2006 back to press releases
PALATIN TECHNOLOGIES AND KING PHARMACEUTICALS COMPLETE ENROLLMENT IN TWO PHASE IIB CLINICAL TRIALS EVALUATING BREMELANOTIDE IN PATIENTS WITH ERECTILE DYSFUNCTION
CRANBURY, NJ and BRISTOL, TN — May 4, 2006 – Palatin Technologies, Inc. (AMEX: PTN) and King Pharmaceuticals, Inc. (NYSE: KG) announced today that the companies have completed enrollment in two Phase IIb clinical trials of bremelanotide in patients with erectile dysfunction (ED). Bremelanotide is a melanocortin agonist that Palatin and King are jointly developing for the treatment of both male and female sexual dysfunction. The primary objective of these two dose-ranging clinical trials is to identify safe and efficacious doses for evaluation in Phase III pivotal trials slated to begin in the first quarter of 2007.
Dr. Trevor Hallam, Executive Vice President, Research and Development of Palatin, stated, “Together with our colleagues at King, we are very pleased to achieve this significant milestone for these two critically important clinical trials. The data from these two studies should allow the companies to develop a robust Phase III pivotal trial program for consideration by the U.S. Food and Drug Administration.”
Clinical Trial Details
The two Phase IIb clinical trials are double-blind, placebo-controlled trials that entail a one month run-in period and a three month treatment period. The primary endpoint for both studies is the change in the Erectile Function domain of the International Index of Erectile Function from baseline at the end of the three month treatment period.
The first Phase IIb clinical trial is evaluating the safety and efficacy of bremelanotide in approximately 560 non-diabetic patients suffering from mild to severe ED. The second clinical trial is similarly evaluating approximately 265 diabetic patients also suffering from mild to severe ED.
About Bremelanotide
Bremelanotide is the first compound in a new drug class called melanocortin receptor agonists under development to treat sexual dysfunction. This new chemical entity is being evaluated in Phase IIb clinical trials studying the efficacy and safety profile of varying doses of this novel compound in men experiencing ED and women experiencing female sexual dysfunction (FSD). The mechanism of action of bremelanotide may offer important benefits over currently available products for the treatment of ED because it acts on the pathway that controls sexual function without acting directly on the vascular system. Clinical data indicates that bremelanotide may be effective in treating a broad range of patients suffering from ED. The nasal formulation of bremelanotide currently under development is as convenient as oral treatments, is more patient-friendly than invasive treatments for ED, such as injections and trans-urethral pellets, and appears to result in a rapid onset of action.
Although the current ED market is primarily served by PDE-5 inhibitors which target the vascular system, a substantial unmet medical need for alternative sexual dysfunction therapies exists. Many patients are contraindicated for, or non-responsive to, PDE-5 inhibitors. In addition, current literature indicates that about one half of all patients who receive an initial prescription for a PDE-5 inhibitor do not renew the prescription due chiefly to adverse side effects, drug interaction issues, and/or the lack of an acceptable level of responsiveness.
About ED
ED is defined as the consistent inability to attain and maintain an erection sufficient for sexual intercourse. The condition is correlated with increasing age, cardiovascular disease, hypertension, diabetes, hyperlipidemia and smoking. In addition, certain prescription drugs and psychogenic issues may contribute to ED. It is estimated that some degree of ED affects one half of all men over the age of 40 and that 150 million men worldwide suffer from ED.
About FSD
FSD consists of four components, hypoactive sexual desire disorder, female sexual arousal disorder, dyspareunia or painful intercourse and anorgasmia. To establish a diagnosis of FSD, these components must be associated with personal distress, as determined by the affected woman. A February 10, 1999 study published in the Journal of the American Medical Association, JAMA, titled, “Sexual Dysfunction in the United States: Prevalence and Predictors,” states that some form of FSD appears to be prevalent in approximately 43 percent of the female population.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company primarily engaged in the development of melanocortin-based therapeutics. The Company’s lead product candidate, bremelanotide, is currently in Phase II clinical trials for both male and female sexual dysfunction. The Company's internal research and development capabilities, anchored by its proprietary MIDAS™ technology, are fueling product development. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. To date, the Company has formed partnerships with Tyco Healthcare Mallinckrodt and King Pharmaceuticals. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com.
About King Pharmaceuticals, Inc.
King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and product life-cycle management.
Forward-looking Statements
This release contains 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. These forward-looking statements reflect managements’ current views of future events and operations, including, but not limited to, statements pertaining to the significance of the results from the Phase IIb clinical trials of bremelanotide; and statements pertaining to the expected date of completion of the clinical trial. Some important factors which may cause results to differ materially from such forward-looking statements include dependence on the actual results of the companies’ bremelanotide development activities; dependence on the companies’ abilities to fund development of bremelanotide; dependence on the companies’ abilities to complete the clinical trial as anticipated; dependence on the availability and cost of raw materials; dependence on the unpredictability of the duration and results of the U.S Food and Drug Administration’s (“FDA”) review of Investigational New Drug Applications (“IND”), New Drug Applications (“NDA”), and supplemental New Drug Applications, (“sNDA”) and/or the review of other regulatory agencies worldwide; dependence on compliance with FDA and other government regulations that relate to King’s and Palatin’s respective businesses; dependence on King’s and Palatin’s abilities to successfully manufacture bremelanotide; and dependence on changes in general economic and business conditions; changes in current pricing levels; changes in federal and state laws and regulations; changes in competition; unexpected changes in technologies and technological advances; and manufacturing capacity constraints. Other important factors that may cause actual results to differ materially from the forward-looking statements are discussed in the “Risk Factors” section and other sections of King’s Form 10-K for the year ended December 31, 2005 and Palatin’s Form 10-K for the year ended June 30, 2005 and Form 10-Q for the second quarter ended December 31, 2005, which are on file with the U.S. Securities and Exchange Commission. The companies do not undertake to publicly update or revise any of their forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
Contacts:
For Palatin Technologies:
Stephen T. Wills, CPA, MST
EVP-Operations / Chief Financial Officer
(609) 495-2200
info@palatin.com
For Palatin Institutional Investors and Media:
Carney Duntsch
Burns McClellan
(212) 213-0006
cduntsch@burnsmc.com
John Baldissera
BPC Financial Marketing
(800) 368-1217
For King Pharmaceuticals:
James E. Green (for all King inquiries)
Executive Vice President
Corporate Affairs
423-989-8125
EXECUTIVE OFFICES
PALATIN TECHNOLOGIES, INC.
4 CEDAR BROOK DRIVE, CRANBURY, NEW JERSEY 08512
KING PHARMACEUTICALS, INC.
501 FIFTH STREET, BRISTOL, TENNESSEE 37620
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