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AstraZeneca AB
 In January 2007, Palatin entered into an exclusive global licensing and research collaboration agreement with AstraZeneca to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity, diabetes and related metabolic syndrome. In June and December 2008 and in September 2009, the research collaboration and license agreement was amended to include additional compounds and associated intellectual property we developed and to modify royalty rates and milestone payments. Active work under the collaboration portion of the agreement concluded in January 2010.
A product developed under the AstraZeneca collaboration, AZD2820, started Phase 1 clinical studies in the first half of 2011. AstraZeneca responsible for product discovery, development and associated costs and product commercialization. AZD2820 is a subcutaneously-administered peptide melanocortin receptor partial agonist. The randomized, single-blind, placebo-controlled Phase 1 study is expected to enroll 90 healthy male subjects.
Palatin received up-front payments of $10 million and milestone and other payments of $12 million. Palatin is eligible for future milestone payments totaling up to $145 million, with up to $85 million contingent upon development and regulatory milestones and the balance on achievement of sales targets, plus mid to high single-digit royalties on sales of approved products.
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