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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

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 discov
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