Palatin slashes staff following FDA objections

With its lead therapy raising some serious safety concerns at the FDA, Palatin Technologies announced that it is whacking about a third of its workforce. The move, which comes just two weeks after King Pharmaceuticals dropped out of its partnership with Palatin, will leave Cranbury, NJ-based Palatin with a workforce of 64 and is designed to save about $4 million in costs. Palatin has run into a roadblock with the development of bremelanotide. Regulators have questioned the drug's safety, noting a rise in blood pressure among volunteers taking the therapy. Palatin says it will continue on with a collaboration with AstraZeneca on obesity therapies as well as further developing a candidate for treating congestive heart failure.

- see the release on the cutbacks

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