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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
Date:9/14/2007

on for future payments to Palatin, other than for previously

incurred costs not yet reimbursed and approved expense reimbursements

related to the wind-down of the collaboration.

-- Advancement of a lead compound through the preclinical stages resulting

in the anticipated filing of an Investigational New Drug Application

for a synthetic compound that mimics natriuretic peptides for the

treatment of patients with congestive heart failure in the second half

of calendar year 2007.

-- The completion of an exploratory at-home Phase 2B clinical trial in

pre- and postmenopausal women. We are in the final stages of compiling

the data and anticipate releasing the results of this trial later this

month.

LICENSE, GRANTS AND CONTRACTS

For the quarter ended June 30, 2007, Palatin recognized revenue under its collaboration agreement with King of $1.8 million, which includes King's share of bremelanotide development costs, and $0.7 million of contract revenue related to its February 2007 collaboration with AstraZeneca. In the comparable quarter of 2006, Palatin recognized $4.9 million of contract revenue from King, reflecting significantly higher cost reimbursement revenue resulting from Palatin's clinical study activities.

COSTS AND EXPENSES

Total operating expenses for the quarter ended June 30, 2007 were $9.1 million versus $13.2 million for the comparable quarter of 2006, reflecting lower development costs of bremelanotide following the completion of two Phase 2B clinical trials in patients with ED, which were partially offset by other research and development spending and higher stock-based compensation charges.

CASH POSITION

Palatin's cash, cash equivalents and investments totaled $33.8 million as of June 30, 2007, compared to $30.7 million at June 30, 2006, as current year operating expenses were largely offset by net proceeds from the February 200
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SOURCE Palatin Technologies, Inc.
Copyright©2007 PR Newswire.
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