Palatin Technologies Announces Amendment Expanding AstraZeneca Obesity Collaboration
News Jul 02, 2008
Palatin Technologies, Inc. has announced that AstraZeneca and Palatin have amended their exclusive global licensing and research collaboration agreement to discover, develop and commercialize compounds that target melanocortin receptors. The original agreement was effective in January 2007.
Under the amendment, Palatin has agreed to license additional compounds and associated intellectual property to AstraZeneca. Palatin will receive development and regulatory milestone payments if any additional compound advances into human clinical trials, and sales target milestone payments and stepped royalties if any additional compound is commercialized.
Research scientists at AstraZeneca and Palatin are working to complete election of a lead drug candidate for initial clinical evaluation. Under the agreement, AstraZeneca is responsible for product commercialization, product discovery and development costs.
"The collaboration between AstraZeneca and Palatin is very productive and has resulted in valuable scientific and technical advances," stated Dr. Trevor Hallam, Palatin's Executive Vice President for Research and Development. "We look forward to initiating human clinical trials for obesity."