On October 13, 2022 Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, reported preliminary first quarter fiscal year 2023 Vyleesi product sales results (Press release, Palatin Technologies, OCT 13, 2022, View Source [SID1234621987]). Vyleesi is the first and only as-needed treatment approved by the U.S. Food and Drug Administration (FDA) for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).
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"We are pleased with Vyleesi’s continued quarter over quarter growth on net product revenue and prescriptions dispensed for the quarter ended September 30, 2022," stated Carl Spana, Ph.D., President and CEO of Palatin. "We are especially pleased with our prescription refill rate, which now exceeds 50% of total prescriptions dispensed, and is the top indicator of patient satisfaction with Vyleesi."
Preliminary Vyleesi product sales results for the first fiscal quarter of 2023 ended September 30, 2022:
Net product revenue for prescriptions dispensed increased 20% to $856,000 over the prior quarter;
increased 400% over the comparable quarter in fiscal 2022.
Total prescriptions dispensed increased 17% over the prior quarter;
increased 108% over the comparable quarter in fiscal 2022.
Preliminary Financial Information
The Vyleesi related financial and operating data for the first fiscal quarter of 2023 is preliminary and may change. This preliminary data has been prepared by, and is the responsibility of, Palatin’s management and no independent accounting firm has audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial data. There can be no assurance that Palatin’s actual results for this quarterly period will not differ from the preliminary financial and operating data and such changes could be material. In addition, Palatin’s estimate of Vyleesi product sales for the quarter ended September 30, 2022 should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting standards. Additional information that will be material to investors will be provided in the financial statements for the three months ended September 30, 2022, and, accordingly, investors should not place undue reliance on the limited preliminary information being provided herein.
About Vyleesi (bremelanotide injection) for Hypoactive Sexual Desire Disorder (HSDD)
Vyleesi is the first and only as-needed treatment approved by the FDA for premenopausal women with acquired, generalized HSDD. Palatin is actively seeking Vyleesi collaborations for the United States and for territories outside the currently licensed territories of China and Korea. Vyleesi is licensed to Fosun Pharma in China and Kwangdong Pharmaceuticals in South Korea. Patients and healthcare providers can learn more about HSDD and Vyleesi at www.vyleesi.com and www.vyleesipro.com.