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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2009 Results; Teleconference and Webcast to be held on September 8, 2009
Date:9/8/2009

CRANBURY, N.J., Sept. 8, /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today announced results for its fourth quarter and fiscal year ended June 30, 2009. For the year ended June 30, 2009, total revenues were $11.4 million, compared to $11.5 million for year ended June 30, 2008. Palatin's net loss for the year ended June 30, 2009 was $4.8 million, or $(0.06) per basic and diluted share, compared to a net loss of $14.4 million, or $(0.17) per basic and diluted share, for the year ended June 30, 2008.

Palatin reported a net loss of $0.2 million, or $(0.00) per basic and diluted share, for the quarter ended June 30, 2009, compared to a net loss of $5.2 million, or $(0.06) per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended June 30, 2009 were $4.2 million, compared to $1.0 million for the same period in 2008.

The decreases in net loss for the year and quarter ended June 30, 2009, versus the year and quarter ended June 30, 2008, were primarily due to a net decrease in operating expenses resulting from strategic restructuring and refocusing of Palatin's clinical-stage development programs and, for the quarter ended June 30, 2009, an increase in revenue earned under Palatin's license and clinical trial collaboration agreements with AstraZeneca AB (AstraZeneca).

FISCAL YEAR 2009 HIGHLIGHTS

Significant developments in Palatin's business since June 30, 2008, include the following:

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