Palatin Technologies Inc. has closed its license agreement with AMAG Pharmaceuticals Inc. for the development of Rekynda in North America.
The license agreement accounted for an initial payment of $60 million to Palatin.
Rekynda (bremelanotide) is product that is being formulated for on-demand treatment for pre-menopausal women suffering from hypoactive sexual desire disorder (HSDD).
Palatin held a conference call and audio webcast Feb. 9, discussing both the development of the drug and regulatory approval. During the call, the company spoke about the steps it would be taking with Rekynda, and provided updates on other drugs in development.
"We believe Rekynda will offer an important therapeutic alternative for pre-menopausal women suffering from HSDD and we are confident that AMAG's commercial capabilities and expertise will drive a successful approval and launch of Rekynda in early 2019," Palatin CEO Carl Spana said.