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Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2013 Results; Teleconference and Webcast to be held on November 14, 2012
Date:11/14/2012

ng for events that occur after the date of this press release. PALATIN TECHNOLOGIES, INC.and SubsidiaryConsolidated Statements of Operations(unaudited)Three Months Ended September 30,20122011REVENUES:

$
3,806$
27,217OPERATING EXPENSES:Research and development

2,343,3132,284,383General and administrative

1,061,0161,109,382Total operating expenses

3,404,3293,393,765Loss from operations

(3,400,523)(3,366,548)OTHER INCOME (EXPENSE):Investment income

14,37115,040Interest expense

(2,282)(2,973)Increase in fair value of warrants

(7,069,165)-Gain on disposition of supplies and equipment

4,620-Total other income (expense), net

(7,052,456)12,067NET LOSS

$
(10,452,979)$
(3,354,481)Basic and diluted net loss per common share

$
(0.15)$
(0.10)Weighted average number of common shares
outstanding used in computing basic and diluted net
loss per common share

71,669,17034,900,591PALATIN TECHNOLOGIES, INC.and SubsidiaryConsolidated Balance Sheets(unaudited)September 30, 2012June 30, 2012ASSETSCurrent assets:Cash and cash equivalents

$
33,461,066$
3,827,198Accounts receivable

31,43727,631Restricted cash

-350,000Prepaid expenses and other current assets

851,844532,010Total current assets

34,344,3474,736,839Property and equipment, net

299,735318,653Other assets

58,748324,992Total assets

$
34,702,830$
5,380,484LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Capital lease obligations

$
22,707$
22,277Accounts payable 

321,621294,894Accrued expenses

1,285,2152,706,496Accrued compensation

-433,333Total current liabilities

1,629,5433,457,000Capital lease obligations 

14,06819,909Deferred rent

63,37272,677Total liabilities

1,706,9833,549,586Stockholders' equity:Preferred stock of
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SOURCE Palatin Technologies, Inc.
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