Palatin Technologies, Inc. Reports Fiscal Year 2008 First Quarter Results; Teleconference and Webcast to be Held on Novemb...(pdating for eventsthat occur after the d...)

PALATIN TECHNOLOGIES, INC.

Consolidated Statement of Operations Data

(unaudited)

Three Months Ended September 30,

2007 2006

REVENUES:

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

OPERATING EXPENSES:

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)

OTHER INCOME (EXPENSE):

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

PALATIN TECHNOLOGIES, INC.

Consolidated Balance Sheet Data

(unaudited)

September 30, 2007 June 30, 2007

ASSETS

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
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