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Palatin Technologies, Inc. Reports Second Quarter Fiscal Year 2011 Results
Date:2/15/2011

CRANBURY, N.J., Feb. 15, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) a biopharmaceutical company dedicated to the development of peptide mimetic and small molecule agonist compounds with a focus on melanocortin and natriuretic peptide receptor systems, today announced results for its second quarter ended December 31, 2010.  Palatin reported a net loss of $1.1 million, or $(0.09) per basic and diluted share, for the quarter ended December 31, 2010, compared to net income of $4.5 million, or $0.42 per basic and diluted share, for the same period in 2009.  

The net loss for the quarter ended December 31, 2010, compared to net income for the same period last fiscal year, was primarily attributable to a decrease in revenue recognized under Palatin's research collaboration and license and clinical trial collaboration agreements with AstraZeneca AB (AstraZeneca) as a result of the successful completion of the research collaboration portion of the agreements.

REVENUERevenues for the quarter ended December 31, 2010 were $1.0 million, consisting of $846,768 in grant revenue received under the Patient Protection and Affordable Care Act of 2010 and $195,408 in contract revenue pursuant to the collaboration agreement with AstraZeneca. For the quarter ended December 31, 2009, Palatin recognized $7.3 million of contract revenue under its collaboration agreement with AstraZeneca.

COSTS AND EXPENSESTotal operating expenses for the quarter ended December 31, 2010 were $2.9 million compared to $3.8 million for the comparable quarter of 2009.  The net decrease in operating expenses for the quarter was primarily due to Palatin's previously disclosed realignment of resources and reduction in staffing levels.

CASH POSITION / GOING CONCERNPalatin's cash, cash equivalents and investments were $3.7 million as of December 31, 2010, compar
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SOURCE Palatin Technologies, Inc.
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