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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:

  • Advances in Palatin's product portfolio in sexual dysfunction, obesity and cardiovascular fields:
    • Evaluated the blood pressure effects of subcutaneously administered bremelanotide in a Phase 1 clinical study. No statistically significant difference in mean changes in blood pressure was seen in subjects receiving bremelanotide compared to placebo.
    • Scheduled a meeting with the Food and Drug Administration to discuss initiation of a Phase 2B clinical trial of subcutaneously administered bremelanotide in erectile dysfunction patients non-responsive to phosphodiesterase-5 inhibitors, the current standard therapy for erectile dysfunction.
    • Reported on two human clinical trials of PL-3994, Palatin's drug under development for the treatment of heart failure. A Phase 1 study in healthy volunteers was presented at the Heart Failure Society of America Meeting in Toronto in September 2008 and a Phase 2A study in patients with controlled hypertension will be presented at the September 2009 Heart Failure Society of America Meeting.
    • Conducted a proof-of-principle clinical study on the effects of a melanocortin receptor-specific compound on food intake, obesity and other metabolic parameters pursuant to a clinical trial sponsored research agreement with AstraZeneca.

  • Amended and extended agreements with AstraZeneca, including entering into a clinical trial sponsored research agreement. In addition to reimbursement of Palatin's activities at an agreed full-time equivalent rate, during the fiscal year ended June 30, 2009 Palatin received payments of $6.6 million from AstraZeneca, $5.7 million of which was recognized as revenue during the fiscal year.

  • Raised approximately $2.8 million in net proceeds of a registered direct offering, after deducting placement agent fees and other offering expenses, in August 2009, subsequent to fiscal year end.

REVENUE

For the quarter ended June 30, 2009, Palatin recognized $4.2 million of revenue under its agreements with AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.8 million of revenue from AstraZeneca. Revenue for the year ended June 30, 2009 was $11.4 million, compared to $11.5 million for the prior year.

COSTS AND EXPENSES

Total operating expenses for the quarter ended June 30, 2009 were $4.5 million compared to $6.4 million for the comparable quarter of 2008. For the year ended June 30, 2009, total operating expenses were $18.7 million, compared to $28.1 million for the prior year. The net decreases in operating expenses for the quarter and year just ended were primarily due to strategic restructuring and refocusing of Palatin's clinical-stage development programs, partially offset by increases for clinical costs associated with Palatin's agreements with AstraZeneca.

CASH POSITION

Palatin's cash, cash equivalents and investments totaled $7.8 million as of June 30, 2009, compared to $12.8 million at June 30, 2008. Subsequent to the fiscal year end, Palatin received $2.8 million in net proceeds from the August 2009 offering.

Conference Call / Webcast

Palatin will host a conference call and webcast on September 8, 2009 at 11:00 a.m. Eastern Time to discuss its fourth quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 800-776-0816 (domestic) or 913-312-0854 (international), passcode 1405577. The webcast and replay can be accessed by logging on to the "Investor/Media Center-Webcasts" section of Palatin's website at http://www.palatin.com. A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or 719-457-0820 (international), passcode 1405577. The webcast and telephone replay will be available through September 15, 2009.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies' website athttp://www.palatin.com.

Forward-looking Statements

Statements about future expectations of Palatin Technologies, Inc., including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Palatin's actual results may differ materially from those discussed in the forward-looking statements for various reasons, including, but not limited to Palatin's ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to protect its intellectual property, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.


                               PALATIN TECHNOLOGIES, INC.
                       Consolidated Statement of Operations Data
                                      (unaudited)


                                Year Ended June 30,     Quarter Ended June 30,
                                  2009          2008        2009         2008

    REVENUES               $11,351,774   $11,483,287  $4,227,070   $1,015,764

    OPERATING EXPENSES:
      Research and
       development          13,356,751    21,187,762   3,045,423    4,891,494
      General and
       administrative        5,296,859     6,928,295   1,415,171    1,460,066
        Total operating
         expenses           18,653,610    28,116,057   4,460,594    6,351,560

        Loss from
         operations         (7,301,836)  (16,632,770)   (233,524)  (5,335,796)

    OTHER INCOME (EXPENSE):
      Investment income        233,319     1,030,452      38,137      122,162
      Interest expense         (26,159)      (73,495)     (5,143)     (28,661)
      Gain on sale of
       property and equipment  550,968             -           -            -
        Total other income,
         net                   758,128       956,957      32,994       93,501

        Loss before income
         taxes              (6,543,708)  (15,675,813)   (200,530)  (5,242,295)
    Income tax benefit       1,741,476     1,291,444           -            -

    NET LOSS               $(4,802,232) $(14,384,369)  $(200,530) $(5,242,295)

    Basic and diluted net
     loss per common share      $(0.06)       $(0.17)     $(0.00)      $(0.06)

    Weighted average number
     of common shares
     outstanding used in
     computing basic and
     diluted net loss per
     common share           86,370,306    85,220,575  86,662,901   85,297,321

                              PALATIN TECHNOLOGIES, INC.
                            Consolidated Balance Sheet Data
                                     (unaudited)


                                                 June 30, 2009  June 30, 2008
    ASSETS
    Current assets:
      Cash and cash equivalents                     $4,378,662     $9,421,770
      Available-for-sale investments                 3,439,650      3,352,771
      Accounts receivable                              508,528          5,747
      Prepaid expenses and other current assets        492,824        484,362
        Total current assets                         8,819,664     13,264,650

    Property and equipment, net                      3,650,783      5,128,076
    Restricted cash                                    475,000        475,000
    Other assets                                       254,364        257,198
        Total assets                               $13,199,811    $19,124,924

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Capital lease obligations, current portion       $87,675       $263,128
      Accounts payable                                 206,363        635,183
      Accrued expenses                               1,420,741      1,666,628
      Accrued compensation                                   -        767,509
      Deferred revenue, current portion              2,650,002      1,666,669
        Total current liabilities                    4,364,781      4,999,117

    Capital lease obligations, net of current
     portion                                            33,954        121,629
    Deferred rent, net of current portion            1,182,026      1,479,794
    Deferred revenue, net of current portion         4,305,551      5,972,220
        Total liabilities                            9,886,312     12,572,760

    Stockholders' equity:
        Preferred stock of $0.01 par value
         - authorized 10,000,000 shares;
        Series A Convertible; issued and outstanding
         4,997 shares as of June 30, 2009 and 2008,
         respectively                                       50             50
      Common stock of $0.01 par value - authorized
       150,000,000 shares; issued and outstanding
       86,662,901 and 85,524,077 shares as of
       June 30, 2009 and 2008, respectively            866,629        855,241
      Additional paid-in capital                   209,712,379    208,247,194
      Accumulated other comprehensive income           116,111         29,117
      Accumulated deficit                         (207,381,670)  (202,579,438)
        Total stockholders' equity                   3,313,499      6,552,164
        Total liabilities and stockholders' equity $13,199,811    $19,124,924


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SOURCE Palatin Technologies, Inc.
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