Palatin Technologies Inc. (PTN stock) showed a surge in the premarket trading session, at last check in which it traded at $0.63, a 14.61% jump. PTN stock previously closed the session on Tuesday with a shed of -0.05% at $0.55. The PTN stock volume traded 0.91 million shares, and in the past 50 days the average volume of PTN stock trading was 1.51 million shares. In the past year up to date, PTN shares have surged by 6.72% and in the past week we see that PTN stock have moved up by 0.38%. In the past three and six months, the stock has shed-21.47%, and-17.59% respectively.
What you need to know about Palatin Technology’s operational background
Palatin Technologies Inc. is a biotechnology company that is specifically identified as a specialized biopharma company which develops treatment of various diseases by establishing a platform for specifically targeting receptors specifically to administer therapeutic treatment. The lead candidate of the company is used for the treatment of generalized hypoactive sexual desire disorder acquired through premenopausal in women. The name of the candidate is Vyleesi which triggers treatment through the melanocortin receptor agonist.
Furthermore, PTN stock has been making continuous progress in the creation of a selective melanocortin receptor 1 agonist peptide for the treatment of inflammatory bowel diseases. This candidate is known as PL8177 which is administered orally and has completed Phase I clinical trial as well as systemic PL8177 which also completed phase I trial for treatment of non-infectious uveitis and COVID-19. Also, the organization takes part in the advancement of PL9643, a peptide melanocortin agonist dynamic at numerous MCrs, including MC1r and MC5r for mitigating visual signs, for example, dry eye infection; and melanocortin peptides for diabetic retinopathy.
Furthermore, it is creating PL3994, a natriuretic peptide receptor (NPR)- An agonist and manufactured mimetic of the endogenous neuropeptide chemical atrial natriuretic peptide for cardiovascular signs; and PL5028, a double NPR-An and NPR-C agonist to treat cardiovascular and fibrotic infections, including lessening heart hypertrophy and fibrosis. The organization was established in 1986 and is situated in Cranbury, New Jersey.
Palatin wishes to propel PL943’ study trial to two phase 3 in order to gain NDA from FDA
Palatin is aiming to further the trial and study phase of PL9643 which will be developed for the cure of Dry Eye Disease. It has already progressed through the phase 1 study and Phase 2 development of PL9643 for Dry Eye Disease. The next recent step that is has progressed to, is the End of Phase 2 Meeting (EOP2) with the US Food and Drug Administration.
The meeting discussed the scope of all aspects of PL9643 for the phase 3 development. These aspects included the design of the study, patient population, interim assessment, and efficacy as well as target results. Additionally there is a push on the second phase 3 study which PTN stock seeks approval of which will initiate the efficacy and safety of the drug in order to define the New Drug Application.