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Palatin Technologies, Inc. Reports Fiscal Year 2008 First Quarter Results; Teleconference and Webcast to be Held on November 9, 2007

CRANBURY, N.J., Nov. 9 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN) announced today financial results for the first quarter ended September 30, 2007. Palatin reported a net loss of $247,000, or $0.00 per basic and diluted share, for the quarter ended September 30, 2007, compared to a net loss of $8.4 million, or ($0.12) per basic and diluted share, for the same period in 2006. Total revenues for the quarter ended September 30, 2007 were $9.0 million, compared to $4.9 million for the same period in 2006. As of September 30, 2007, the Company had cash, cash equivalents and investments totaling $26.6 million.

The decrease in the net loss for the quarter ended September 30, 2007 compared to the quarter ended September 30, 2006 was primarily attributable to the recognition of deferred license revenue pursuant to the termination of the collaboration agreement with King Pharmaceuticals, Inc. (King) on bremelanotide, the Company's drug under development for the treatment of erectile dysfunction and female sexual dysfunction. Prior to termination, the license revenue received from King had been deferred, and was being recognized as revenue over the estimated development period of the collaboration agreement. Upon termination, recognition was accelerated.


For the quarter ended September 30, 2007, Palatin recognized revenue under its collaboration agreement with King of $8.2 million, primarily related to the recognition of deferred license revenue as a result of termination of our collaboration agreement, and $0.7 million of contract revenue related to its collaboration with AstraZeneca AB. In the comparable quarter of 2006, Palatin recognized $4.8 million of contract revenue from King, primarily related to reimbursement revenue resulting from Palatin's clinical study activities with bremelanotide.


Total operating expenses for the quarter ended September 30, 2007 were $9.6 million compared to $13.7 million for the comparable quarter of 2006, reflecting lower development costs of bremelanotide following the completion of certain Phase 2B clinical trials, which were partially offset by other research and development spending and higher stock-based compensation charges.


Palatin's cash, cash equivalents and investments totaled $26.6 million as of September 30, 2007, compared to $33.8 million at June 30, 2007.

Palatin Technologies' management will discuss the first quarter financial results and provide an update on corporate developments during a conference call and webcast on November 9, 2007 at 11:00 a.m. ET.

Conference Call and Webcast Access Information

- Q1-Fiscal Year 2008 Conference Call - Live 11/9/2007 at 11:00 a.m. ET

Domestic Dial-In Number 1-800-817-2743

International Dial-In Number 1-913-312-0390

- Q1-Fiscal Year 2008 Conference Call - Replay 11/9-11/16/2007

Domestic Dial-In Number 1-888-203-1112

International Dial-In Number 1-719-457-0820

Replay Passcode 6294841

- Webcast Live and Replay Access

The webcast and replay can be accessed by logging on to the investors

section of Palatin Technologies' website at

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. The Company's internal research and development capabilities, anchored by its proprietary MIDAS(TM) technology, are fueling product development. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. The Company currently has collaborations with AstraZeneca and the Mallinckrodt division of Covidien. For additional information regarding Palatin, please visit Palatin Technologies' website at

Forward-looking Statements

Statements about the Company's future expectations, 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. The Company intends that such forward-looking statements shall 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 the Company'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 recommence marketing and gain commercial acceptance of NeutroSpec(R), ability to protect its intellectual property, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission. The Company is not responsible for updating for events that occur after the date of this press release.


Consolidated Statement of Operations Data


Three Months Ended September 30,

2007 2006


Licenses, grants and contracts $ 8,977,731 $ 4,935,102


Research and development 7,943,877 12,125,252

General and administrative 1,659,010 1,560,922

Total operating expenses 9,602,887 13,686,174

Loss from operations (625,156) (8,751,072)


Investment income 396,621 324,235

Interest expense (18,229) (10,066)

Total other income, net 378,392 314,169

NET LOSS $(246,764) $(8,436,903)

Basic and diluted net loss per

common share $ (0.00) $(0.12)

Weighted average number of common

shares outstanding used in computing

basic and diluted net loss per

common share 85,177,298 70,878,521


Consolidated Balance Sheet Data


September 30, 2007 June 30, 2007


Current assets:

Cash and cash equivalents $24,305,501 $31,447,615

Available-for-sale investments 2,339,456 2,323,642

Accounts receivable 460,269 607,841

Prepaid expenses and other current assets 568,796 1,008,464

Total current assets 27,674,022 35,387,562

Property and equipment, net 6,084,611 6,070,226

Restricted cash 475,000 475,000

Other assets 250,047 848,446

Total assets $34,483,680 $42,781,234


Current liabilities:

Capital lease obligations and notes

payable, current portion $305,538 $216,841

Accounts payable 966,346 1,120,894

Accrued expenses 2,372,604 2,420,837

Accrued compensation 694,165 941,300

Deferred revenue, current portion 1,916,669 4,864,833

Total current liabilities 6,255,322 9,564,705

Capital lease obligations and notes

payable, net of current portion 295,583 275,126

Deferred rent, net of current portion 1,849,125 1,966,628

Deferred revenue, net of current portion 7,222,220 12,443,087

Total liabilities 15,622,250 24,249,546

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, 2007 and

June 30, 2007 50 50

Common stock of $.01 par value -

authorized 150,000,000 shares; issued and

outstanding 85,204,169 and 85,126,915

shares as of September 30, 2007 and

June 30, 2007, respectively 852,042 851,269

Additional paid-in capital 206,435,357 205,875,438

Accumulated other comprehensive income 15,814 -

Accumulated deficit (188,441,833) (188,195,069)

Total stockholders' equity 18,861,430 18,531,688

Total liabilities and stockholders'

equity $34,483,680 $42,781,234

SOURCE Palatin Technologies, Inc.
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