Palatin Technologies, Inc. Reports Fiscal Year 2008 First Quarter Results; Teleconference and Webcast to be Held on Novemb...( CRANBURY N.J. Nov. 9 /- Palatin T...)

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.

LICENSE, GRANTS AND CONTRACTS

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 con
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