Palatin Technologies Secures Major Milestone Payment in Groundbreaking Retinal Disease Collaboration with Boehringer Ingelheim

Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company focused on developing first-in-class medicines, has announced a significant financial and developmental milestone. The company has earned a $5.5 million payment from its strategic partner, Boehringer Ingelheim, in connection with their ongoing global collaboration to develop innovative treatments for serious retinal diseases.

This substantial payment is directly tied to the advancement of PL9645 (now known as BI 764645), a promising compound targeting non-infectious uveitis (NIU), an inflammatory ocular condition that can lead to severe vision loss.

When combined with an earlier payment of $1.0 million, this brings the total milestone payments received to a robust $6.5 million, underscoring the productive progress within the partnership.

The collaboration, initially forged in 2020, leverages Palatin's expertise in melanocortin receptor system therapeutics and Boehringer Ingelheim's extensive global development and commercialization capabilities.

Its primary focus is on the development of first-in-class treatments for a range of ocular indications, including non-infectious uveitis and dry eye disease, which represent significant unmet medical needs.

Carl Spana, Ph.D., President and CEO of Palatin, emphasized the importance of this achievement: "Receiving this milestone payment from Boehringer Ingelheim is a clear testament to the diligent work of both our teams and the promising trajectory of PL9645.

It validates the potential of our melanocortin receptor technology to address complex inflammatory conditions and brings us closer to delivering meaningful therapeutic options to patients suffering from debilitating retinal diseases."

The partnership's framework allows Palatin to receive up to an additional $330 million in potential development and regulatory milestone payments, alongside tiered royalties on future net sales.

This structure provides a strong incentive for continued progress and a significant long-term revenue stream for Palatin, highlighting the substantial value of their intellectual property and research efforts.

Boehringer Ingelheim’s commitment to advancing BI 764645 into further clinical stages for NIU is a crucial step forward.

Non-infectious uveitis is a challenging disease to manage, often requiring long-term treatment and carrying a high risk of complications if not effectively controlled. The development of new, targeted therapies like BI 764645 offers renewed hope for patients and clinicians alike.

This milestone not only reinforces Palatin's financial stability but also shines a spotlight on the strength and strategic alignment of its partnership with Boehringer Ingelheim.

As the collaboration continues to progress, both companies remain dedicated to pioneering novel therapeutic solutions that can profoundly impact the lives of individuals affected by severe ocular conditions.