Palatin Technologies Inc (NYSE American: PTN), a United States-based biopharmaceutical company, is producing PL8177 intended to treat patients with COVID-19 and having hypoxemic respiratory failure with or without acute respiratory distress syndrome, it was reported on Tuesday.

The company is producing the product based on positive results in preclinical multiple inflammatory disease models and a lung injury model that indicated the product's ability to decrease inflammation, protect lung tissue and reduce lung fibrosis.

The product is a selective melanocortin 1 receptor agonist that has indicated efficacy in multiple preclinical models of inflammatory disease and has decreased lung tissue damage and fibrosis in a preclinical model of lung fibrosis.