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Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2010 Results; Teleconference and Webcast to be held on November 16, 2009
Date:11/16/2009

CRANBURY, N.J., Nov. 16 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today announced results for its quarter ended September 30, 2009. Palatin reported a net loss of $37,000, or $(0.00) per basic and diluted share, for the quarter ended September 30, 2009, compared to a net loss of $4.3 million, or $(0.05) per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended September 30, 2009 were $3.7 million, compared to $754,000 for the same period in 2008.

The decrease in net loss for the quarter ended September 30, 2009, compared to the same period last fiscal year, was primarily due to an increase in revenue recognized under Palatin's license and clinical trial agreements with AstraZeneca AB (AstraZeneca) and a net decrease in operating expenses resulting from strategic restructuring and refocusing of Palatin's clinical-stage development programs in 2008.

In September 2009, Palatin and AstraZeneca signed an amendment to their exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity and related indications. Under the terms of the amendment to the parties' collaboration agreement, AstraZeneca has agreed to make a $2.5 million payment (received October 2009) and, subject to completion of certain tasks relating to the program, $2.5 million in the first quarter of calendar year 2010. Under the amendment, the terms of the original collaboration and license agreement signed in January 2007 relating to milestone payments and royalty rates were restructured.

As of September 30, 2009, Palatin's cash, cash equivalents and investments totaled $7.7 million, compared to $7.8 million at June 30, 2009.

LICENSE AND CONTRACTS

For the quarter ended September 30, 2009, Palatin recognized $3.7 million of contract revenue under its collaboration agreement with AstraZeneca, compared to $746,000 for the same period in 2008. Based on the September 2009 amendment, Palatin will provide research services to AstraZeneca through January 2010. Accordingly, contract revenue is being recognized over the estimated remaining performance period.

COSTS AND EXPENSES

Total operating expenses for the quarter ended September 30, 2009 were $3.8 million compared to $5.1 million for the comparable quarter of 2008, primarily due to a strategic restructuring and refocusing of Palatin's clinical-stage development programs.

Palatin Technologies' management will discuss the first quarter financial results for the fiscal year ending June 30, 2010 and provide an update on corporate developments during a conference call and webcast on November 16, 2009 at 11:00 a.m. ET.

Conference Call / Webcast

Palatin will host a conference call and webcast on November 16, 2009 at 11:00 a.m. Eastern Time to discuss its first quarter of fiscal year 2010 financial results. Individuals interested in listening to the conference call live can dial 888-801-6504 (domestic) or 913-312-4376 (international), passcode 8561334. The webcast and replay can be accessed by logging on to the "Investor/Media Center-Webcasts" section of Palatin's website at http://www.palatin.com. A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or 719-457-0820 (international), passcode 8561334. The webcast and telephone replay will be available through November 23, 2009.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com.

Forward-looking Statements

Statements about future expectations of Palatin Technologies, Inc., including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Palatin's actual results may differ materially from those discussed in the forward-looking statements for various reasons, including, but not limited to Palatin's ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to protect its intellectual property, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.


                           PALATIN TECHNOLOGIES, INC.
                                 and Subsidiary

                     Consolidated Statements of Operations
                                 (unaudited)

                                   Three Months Ended September 30,
                                   -------------------------------
                                          2009           2008
                                          ----           ----

        REVENUES                       $3,662,619      $753,846
                                       ----------      --------

        OPERATING EXPENSES:
          Research and development      2,669,564     3,657,999
          General and administrative    1,153,731     1,456,848
                                        ---------     ---------
            Total operating expenses    3,823,295     5,114,847
                                        ---------     ---------

            Loss from operations         (160,676)   (4,361,001)
                                         --------    ----------

        OTHER INCOME (EXPENSE):
          Investment income                33,312        82,980
          Interest expense                 (4,701)       (4,494)
          Gain on sale of supplies         95,000             -
                                           ------        ------
            Total other income, net       123,611        78,486
                                          -------        ------

        NET LOSS                         $(37,065)  $(4,282,515)
                                         ========   ===========

        Basic and diluted net loss
         per common share                  $(0.00)       $(0.05)
                                          =======       =======

        Weighted average number of
         common shares outstanding
         used in computing basic
         and diluted net loss
         per common share              91,306,223    85,524,316
                                       ==========    ==========


                           PALATIN TECHNOLOGIES, INC.
                                and Subsidiary

                         Consolidated Balance Sheets
                                 (unaudited)

                                              September 30,       June 30,
                                                  2009             2009
                                              -------------    ------------
    ASSETS
    Current assets:
      Cash and cash equivalents                 $4,188,173     $4,378,662
      Available-for-sale investments             3,466,673      3,439,650
      Accounts receivable                        3,233,278        508,528
      Prepaid expenses and other
       current assets                              364,239        492,824
                                                   -------        -------
          Total current assets                  11,252,363      8,819,664

    Property and equipment, net                  3,338,705      3,650,783
    Restricted cash                                475,000        475,000
    Other assets                                   250,022        254,364
                                                   -------        -------
          Total assets                         $15,316,090    $13,199,811
                                               ===========    ===========

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Capital lease obligations                    $45,154        $87,675
      Accounts payable                             410,984        206,363
      Accrued expenses                           1,048,974      1,420,741
      Deferred revenue                           6,311,416      6,955,553
                                                 ---------      ---------
          Total current liabilities              7,816,528      8,670,332

    Capital lease obligations                       29,224         33,954
    Deferred rent                                1,056,673      1,182,026
                                                 ---------      ---------
          Total liabilities                      8,902,425      9,886,312
                                                 ---------      ---------

    Stockholders' equity:
         Preferred stock of $.01 par value
          - authorized 10,000,000 shares;
           Series A Convertible; issued and
            outstanding 4,997 shares as of
            September 30, 2009 and June 30,
            2009, respectively                          50             50
         Common stock of $.01 par value -
          authorized 150,000,000 shares;
          issued and outstanding
          96,155,249 and 86,662,901 shares
          as of September 30, 2009 and
          June 30, 2009, respectively              961,552        866,629
      Additional paid-in capital               212,727,664    209,712,379
      Accumulated other comprehensive
       income                                      143,134        116,111
      Accumulated deficit                     (207,418,735)  (207,381,670)
                                              ------------  -------------
          Total stockholders' equity             6,413,665      3,313,499
                                                 ---------      ---------
          Total liabilities and
           stockholders' equity                $15,316,090    $13,199,811
                                               ===========    ===========

SOURCE Palatin Technologies, Inc.


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SOURCE Palatin Technologies, Inc.
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