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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2007 Results; Teleconference and Webcast to be held on September 18, 2007

ported an increased level of

genital arousal, an increased level of sexual desire and a higher

incidence of engaging in sexual activity compared to placebo.

-- The announcement of results from two Phase 2B trials evaluating

bremelanotide for ED, with one trial limited to non-diabetic patients

and the other to diabetic patients. The primary objective of the

studies was to characterize the efficacy and safety of bremelanotide in

these two ED populations and to identify the doses to use in further


-- The completion of an exclusive global licensing and research

collaboration agreement with AstraZeneca AB to discover, develop and

commercialize small molecule compounds that target melanocortin

receptors for the treatment of obesity, diabetes and related metabolic

syndrome and the receipt of an up-front payment of $10 million.

-- The February 2007 sale of 13.75 million shares of its common stock in

an underwritten offering at $2.00 per share, resulting in net proceeds

to the Company of $25.5 million, after commissions and expenses.

-- The announcement in August 2007 of a delay in plans for the initiation

of Phase 3 clinical trials with bremelanotide for the treatment of ED

as a result of responses from representatives of the U.S. Food and Drug

Administration, which raised serious concerns about the acceptable

benefit/risk ratio to support the progression of bremelanotide into

Phase 3 studies for ED as a first-line therapy in the general


-- The pending termination of the Collaborative Development and Marketing

Agreement with King, effective December 2007, upon which Palatin will

reacquire sole ownership of all rights to bremelanotide, without any

obligation for future payments to King. King has no financial


SOURCE Palatin Technologies, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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