Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2007 Results; Teleconference and Webcast to be held on Septembe...(6050 Product sales ...)

Product sales - - 2,474,325

Total revenues 14,405,665 19,748,645 17,957,193

OPERATING EXPENSES:

Cost of product sales - 2,041,175 534,932

Royalties - 299,995 328,401

Research and development 36,913,739 41,013,894 25,045,279

General and administrative 7,293,091 6,843,817 7,460,607

Total operating expenses 44,206,830 50,198,881 33,369,219

Loss from operations (29,801,165) (30,450,236) (15,412,026)

OTHER INCOME (EXPENSE):

Investment income 1,324,671 855,601 488,262

Interest expense (53,339) (30,522) (14,487)

Total other income, net 1,271,332 825,079 473,775

Loss before income taxes (28,529,833) (29,625,157) (14,938,251)

Income tax benefit 778,308 666,275 580,275

NET LOSS $(27,751,525) $(28,958,882) $(14,357,976)

Basic and diluted net loss

per common share $(0.36) $(0.48) $(0.27)

Weighted average number of

common shares outstanding

used in computing basic and

diluted net loss per common

share 76,204,160 60,356,610 53,861,182

PALATIN TECHNOLOGIES, INC.

Consolidated Balance Sheet Data

June 30, 2007 June 30, 2006

ASSETS

Current assets:

Cash and cash equivalents $31,447,615 $28,333,211

Available-for-sale investments 2,323,642 2,330,834

Accounts receivable 607,841 69,591