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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

p> Prepaid expenses and other current assets 1,008,464 1,453,650

Total current assets 35,387,562 32,187,286

Property and equipment, net 6,070,226 6,347,705

Restricted cash 475,000 475,000

Other assets 848,446 1,037,296

Total assets $42,781,234 $40,047,287

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Capital lease obligations and notes payable,

current portion $216,841 $86,564

Accounts payable 1,120,894 3,092,962

Accrued expenses 2,420,837 4,466,428

Accrued compensation 941,300 803,900

Deferred revenue, current portion 4,864,833 3,995,575

Total current liabilities 9,564,705 12,445,429

Capital lease obligations and notes payable,

net of current portion 275,126 229,585

Deferred rent, net of current portion 1,966,628 2,358,550

Deferred revenue, net of current portion 12,443,087 6,713,942

Total liabilities 24,249,546 21,747,506

Commitments and contingencies

Stockholders' equity:

Preferred stock of $.01 par value -

authorized 10,000,000 shares; Series A

Convertible; issued and outstanding 4,997

and 9,997 shares as of June 30, 2007 and

2006, respectively 50 100

Common stock of $.01 par value - authorized

150,000,000 shares; issued and outstanding

85,126,915 and 70,878,521 shares as of

June 30, 2007 and 2006, respectively
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SOURCE Palatin Technologies, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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