Palatin Technologies (PTN) said Friday that topline results from its phase 2 study of PL8177 in patients with active ulcerative colitis showed clinical remission in 33% of treated patients after eight weeks of treatment, while none in the placebo group achieved remission.

Nine of the 12 patients received PL8177, and 78% of the treated group showed a clinical response, according to the company.

CEO Carl Spana said the strong data, along with prior findings, supports ongoing licensing discussions with multiple pharmaceutical companies.

Shares of Palatin were down 7.6% in recent trading.

Price: 0.65, Change: -0.05, Percent Change: -7.57